NI: 10-K Risk Factor Changes

•We may not be able to execute our business plan or growth strategy, including utility infrastructure investments, or business opportunities. •Our distribution, transmission and generation activities involve a variety of inherent hazards and operating risks, including potential public safety risks. •We currently conduct and may conduct in the future certain operations through a JV arrangement involving third-party investors that may result in operational impasses or litigation, including business delays as a result of such arrangements. •Failure to adapt to advances in technology, including alternative energy sources, and changes in laws or regulations to support such advances in technology or alternative energy sources, and our inability to manage such related costs could make us less competitive. •Increased dependency on technology may hinder our business operations and adversely affect our financial condition and results of operation if such technology fails. •Aging infrastructure may lead to disruptions in operations and increased capital expenditures and maintenance costs. •We may be unable to obtain insurance on acceptable terms or at all, and the insurance coverage we do obtain may not provide protection against all significant losses. •Aspects of the implementation of our electric generation strategy, including the timing of the retirement of our coal generation units or the addition of new generation resources, may be delayed and may not achieve intended results. •Our capital projects and programs subject us to construction and supply risks, and are subject to governmental oversight and approvals. •Fluctuations in weather, gas and electricity commodity costs, and economic conditions may impact customer demand. •Fluctuations in the price of energy commodities or their related transportation costs, or an inability to obtain an adequate, reliable and cost- effective fuel supply may impact our ability to meet customer demand. •Failure to attract, retain or re-skill an appropriately qualified workforce, and maintain good labor relations, could adversely impact safety, service reliability, and customer satisfaction. •Failure to effectively manage new initiatives and organizational changes. •Actions of activist stockholders could negatively affect our business and stock price and cause us to incur significant expenses. •We outsource certain business functions to third-party suppliers and service providers, and may be impacted by substandard performance or quality by third parties. •The impacts of a cyber-attack or security breach on any of our or certain third-party technology systems, including operational disruptions and the loss or misuse of confidential and proprietary information and related liability. •Failure to comply with cybersecurity laws and regulations and the resulting impact on our reputation and business. •The impacts of natural disasters, acts of terrorism, acts of war, civil unrest, accidents, public health emergencies or other catastrophic events including operational disruptions. •We are exposed to significant reputational risks, which make us vulnerable to a loss of cost recovery, increased litigation and negative public perception. •The physical impacts of climate change and the transition to a lower carbon future are impacting our business and could materially adversely affect our results of operations. •We are subject to operational and financial risks and liabilities associated with the implementation and efforts to achieve our carbon emission reduction goal. 18 18 18 Table of ContentsNISOURCE INC.ITEM 1A. RISK FACTORS Table of Contents