Blackstone owns a slice of an Indiana power company. Its customers' rates went up $257 million a year.

Blackstone is the investment firm trying to buy PNM. It already owns part of an Indiana power firm. It holds about 1/5 of NIPSCO. NIPSCO serves northern Indiana.

NIPSCO asked state regulators for about $369 million a year more in electric rates. It got about $257 million. That is 70% of the request. The Ledger found no record that says Blackstone set that number.

A part owner

Blackstone’s stake closed in January 2024. It paid $2.16 billion for a 19.9% share of the firm. The release calls it a non-controlling stake.

NiSource is NIPSCO’s parent. It keeps the rest and runs the utility. Blackstone gets “minority rights” to match its share. It also committed to fund its share of NIPSCO’s ongoing capital needs. NiSource’s latest filing says it still holds a controlling interest in the firm that owns NIPSCO.

The Ledger did not read the deal that sets those rights. So it cannot say what Blackstone can and cannot veto.

The rate case

NIPSCO filed its electric rate request in September 2024. NIPSCO says it later filed a settlement. The settlement cut that request. Indiana’s regulator approved the new rates. They came in steps.

NIPSCO says an average home pays about $23 more a month. It says the rates pay for new power plants. They also pay for upgrades to power lines and systems.

That is what NIPSCO says. Nothing the Ledger read says Blackstone’s stake caused the rise.

A stake in the data center unit

Blackstone has a second stake tied to NiSource. In October 2025 it took about 1/5 of Generation Holdings II. That firm owns GenCo. GenCo is a NiSource power company.

NiSource’s filing says the “sole purpose” of that holding company is to own and run GenCo. GenCo will build power plants. It will also supply power for data center customers. State regulators approved a 2026 contract. Under it, NIPSCO will supply a company owned by Alphabet.

NiSource estimates the cost at about $9.5 billion. That covers plants and power it buys for its data center customers now. NiSource expects to pay part with capital contributions from Blackstone affiliates. The affiliates hold the smaller stakes.

What it means for PNM

A Blackstone slide in the PNM case file ties NIPSCO to New Mexico. The slide is from a March 2025 deck. It says QTS has built a “land bank” near the utilities of Blackstone’s companies. QTS is a data center company Blackstone has owned since 2021. A chart on the slide is titled “NIPSCO Service Territory.” The numbers in the chart are blacked out.

At NIPSCO, Blackstone is a part owner. NIPSCO files the rate cases. Part 2 of this series explains how the PNM sale is different.

You can send the PRC a public comment on that sale. Use the Ledger’s Tell the PRC page. The PRC takes written comments under case 25-00060-UT.