Morningstar - Q1 2020 - 57

We don't like doing projects that a community
doesn't want-for example, a big hydro
plant is unacceptable in certain places. For a
project to make sense to us, it should be a win-win
approach in order to reduce risk.
We are implementing a project to provide 500
electric buses in Bogotá, Colombia, to reduce
carbon emissions. We are contributing a lot to this
mass transportation business. Why? Because
otherwise, we won't have a sustainable business
and a sustainable return.
Meanwhile, investors are increasingly looking
for companies that take this approach. It's
not like we are only doing good because of climate
change. Yes, we believe in addressing climate
change. But ESG is also an economic decision to
be transparent, to have clear governance
in the company, and to respect the social and
environmental approach.
Aurelio Bustilho, CFO of Enel Americas.

Randy Hulen: To give you a little bit more
background on NiSource, we're primarily a gas
utility. We're about two thirds gas; we operate in
seven states on the gas side. We only have
one electric utility, in northern Indiana. Compared
to some of our larger counterparts, such as
Exelon EXC and AEP AEP, we're relatively small on
the electric side. But it's a significant part of our
business, about a third of our business.

I can understand how some ESG efforts can
be viewed as driving down value, particularly
for some competitive companies. But being
a 100%-regulated company, we're in a pretty
unique position. ESG is providing a great
investment opportunity that significantly benefits
our customers in an economic way. And,
by the way, it offers a much cleaner alternative
to what we currently have in our portfolio,
which is a lot of coal-fired generation. We're really
excited about it.

Greening the Fleet
Miller: A lot of the projects with the best potential

returns are in renewable energy: greening up
the electric fleet, transforming the grid. You both are
trying to reduce carbon emissions. How do you

Randy Hulen, vice president of investor relations
and treasurer at NiSource.

morningstar.com/lp/magazine

57



http://www.morningstar.com/lp/magazine

Morningstar - Q1 2020

Table of Contents for the Digital Edition of Morningstar - Q1 2020

Contents
Morningstar - Q1 2020 - Cover1
Morningstar - Q1 2020 - Cover2
Morningstar - Q1 2020 - 1
Morningstar - Q1 2020 - 2
Morningstar - Q1 2020 - Contents
Morningstar - Q1 2020 - 4
Morningstar - Q1 2020 - 5
Morningstar - Q1 2020 - 6
Morningstar - Q1 2020 - 7
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