Supplemental Slides Fourth Quarter Year-End 2014 Earnings February 18, 2015 NiSource? Forward-Looking Statements This presentation contains forward-looking statements within the meaning of federal securities laws. These forwardlooking statements are subject to various risks and uncertainties. Examples of forward-looking statements in this presentation include statements and expectations regarding the timing of the separation, as well as NiSource’s business following the separation and the leadership of NiSource and Columbia Pipeline Group, Inc. following the separation. Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this presentation include, among other things, the timing to consummate the transactions described herein; the risk that a condition to consummation is not satisfied; disruption to operations as a result of the proposed transactions; the inability of one or more of the businesses to operate independently following the completion of the proposed transactions; weather; fluctuations in supply and demand for energy commodities; growth opportunities for NiSource's businesses; increased competition in deregulated energy markets; the success of regulatory and commercial initiatives; dealings with third parties over whom NiSource has no control; actual operating experience of NiSource’s assets; the regulatory process; regulatory and legislative changes; changes in general economic, capital and commodity market conditions; and counter-party credit risk, and the matters set forth in the “Risk Factors” section in NiSource’s 2013 Form 10-K and subsequent NiSource filings of Form 10-Q, many of which are beyond the control of NiSource. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Future earnings and other financial projections are illustrative only and do not constitute guidance by the Company. NiSource expressly disclaims a duty to update any of the forward-looking statements contained in this presentation. There will likely be differences between the projected non-GAAP long-term average annual growth rates presented herein and their GAAP comparisons. Due to the unpredictability of weather and other factors, NiSource will not be providing projected long-term average annual GAAP growth rates. The planned separation of our natural gas pipeline and related businesses is subject to the satisfaction of a number of conditions, including the final approval of NiSource’s Board of Directors. There is no assurance that such a separation will in fact occur. 2 2 Key Takeaways – Year-End 2014 • Financial results of $1.72 per share exceed 2014 guidance* • Delivered ~32% total shareholder return • Executed a record $2.2 billion of capital investments • Significant regulatory progress, enhanced infrastructure investment inventory • Originated a number of transformational growth projects at Columbia Pipeline Group (CPG) • Completed successful IPO of Columbia Pipeline Partners LP • NiSource/CPG separation on track for mid-2015 - Projected post-separation CPG average annual growth rate: • Mid-to-upper-teens adjusted EBITDA growth Dividend growth commensurate with EBITDA growth - Projected post-separation NiSource Utilities average long-term annual growth rate: • 4-6% earnings growth 4-6% dividend growth Infrastructure Investment, Regulatory Progress Drives Continued Growth * Net Operating Earnings from Continuing Operations (non-GAAP); For a reconciliation to GAAP, see Schedule 1 of the Company’s Feb. 18, 2015 Earnings Release 3 Year-End 2014 Financial Highlights Results Exceed Full-Year Earnings Guidance Range Non-GAAP* 2014 2013 Change* Net Operating Earnings from Continuing Operations ($M) $542.5 $493.9 $48.6 Net Operating Earnings Per Share $1.72 $1.58 $0.14 $1,270.3 $1,146.3 $124.0 2014 2013 Change* Income from Continuing Operations ($M) $530.7 $490.9 $39.8 Earnings Per Share $1.68 $1.57 $0.11 $1,262.4 $1,143.4 $119.0 Operating Earnings ($M) GAAP Operating Income ($M) Solid Growth Across Pipeline & Utility Businesses * For a reconciliation to GAAP, see Schedule 1 of the Company’s Feb. 18, 2015 Earnings Release 4 Financing Highlights Delivering on Current Plan, Positioning for Separation • Continued strong liquidity position of ~$720M as of Dec. 31, 2014 • ~76% of infrastructure investments focused on revenue-generating opportunities in 2014 • Total debt to capitalization ~62% as of Dec. 31, 2014 • Credit facilities in place to support post-separation operations at CPG and NiSource - $1.5B, five-year facility at both NiSource and CPG effective upon separation; $500M facility at CPPL effective at IPO • Separation recapitalization process to commence in second quarter - Expect to maintain current investment-grade credit ratings at both companies Separation of NiSource/Columbia Pipeline Group On Track 5 Columbia Pipeline Group – Year-End 2014 Expected Investment Inventory of $12 to $15 Billion Over 10 Years • • • • • Operating earnings $490.7M in 2014 vs. $441.2M in 2013* ~$320M modernization cost-recovery filing made with the FERC; recovery began February 2015 Completed more than $300M, 1.1 billion cubic feet in regulated system expansion projects in 2014 Advancing commercial discussions for proposed Mountaineer XPress and Gulf XPress projects 2015 capital investment plan: ~$1.1B Looking Ahead: Project Key Components Status East Side Expansion • • • Marcellus production access to East Coast & Mid-Atlantic markets ~315 million cubic feet/day ~$275M investment • • FERC approval received in Dec. 2014 Projected in service Q3 2015 Leach XPress & Rayne XPress Projects • • • • Major new pathway for Marcellus and Utica Shale production ~1.5 billion cubic feet/day on Columbia Transmission ~1 billion cubic feet/day on Columbia Gulf ~$1.8B investment • Projected in service Q4 2017 WB XPress Project • Access to East Coast markets, including Cove Point LNG export terminal ~1.3 billion cubic feet/day ~$870M investment • Projected in service Q4 2018 Big Pine Expansion project will add up to 175 million cubic feet/day (~$65M investment) Washington County Gathering project includes additional gathering and compression facilities adding up to 240 million cubic feet/day (~$120M total investment) • Big Pine Expansion projected in service Q3 2015 First phase of Washington County Gathering projected in service by YE 2015, with additional expansion expected Expanding mix of new and ongoing investments to support continued system expansion and modernization • • • Columbia Midstream Projects • • Other In-Progress Growth and Modernization Projects • • Complete details available in Appendix on slides 17-18 * Non-GAAP. For a reconciliation to GAAP, see Schedule 2 of the Company’s Feb. 18, 2015 Earnings Release 6 Electric Operations – Year-End 2014 ~$10B Inventory of Expected Long-Term Infrastructure Investments • • • Operating earnings $287.7M in 2014 vs. $265.3M in 2013* FGD on Schahfer Unit 15 placed in service on time and on budget in December 2014 2015 capital investment plan: ~$400M Looking Ahead: Highlight Key Components Electric System Modernization • Program • Status Seven-year, ~$1.1B investment focused on replacing poles, transformers and other related equipment 2015 investments projected at ~$67M • 2015 investment plans approved by IURC Electric Generating Plant Environmental Investments • • • • ~$850M in total environmental investments Schahfer Flue Gas Desulfurization (FGD) investments: Units 14 & 15 Michigan City FGD: Unit 12 Enhanced mercury and particulate controls (MATS) • • • • Electric Transmission System Enhancement – Reynolds to Topeka Project • • • 100-mile, 345-kV transmission project $250M-$300M investment Projected in service latter part of 2018 • Construction to begin in 1H 2015 • Right of way acquisition in progress • Stakeholder outreach continues Electric Transmission System Enhancement – Reynolds to Greentown (Joint Project) • • • ~70-mile, 765-kV transmission project $300M-$400M investment (NIPSCO portion $150M-$200M) Projected in service latter part of 2018 • Final route selected • Right of way acquisition in progress • Stakeholder outreach continues Long-term Infrastructure Investments • ~$10B expected long-term program, including system modernization, environmental upgrades and transmission projects • Complete program update outlined in Appendix on slide 19 Schahfer Unit 14 in service Schahfer Unit 15 in service MATS controls in place/under construction Michigan City Unit 12 on plan for completion by year-end 2015 * Non-GAAP. For a reconciliation to GAAP, see Schedule 2 of the Company’s Feb. 18, 2015 Earnings Release 7 NiSource Gas Distribution – Year-End 2014 ~$20B+ Inventory of Expected Long-Term Infrastructure Investments • • • • Operating earnings $517.4M in 2014 vs. $448.8M in 2013* New rates in effect at Columbia Gas of Pennsylvania - $33 million annual revenue increase ~325 miles of priority pipe replaced during year 2015 capital investment: ~$900M Looking Ahead: Highlight Key Components Status Columbia Gas of Massachusetts Priority Pipe Replacement Plan • Recovery of planned 2015 investments targeted to begin on May 1, 2015 • Plan filed with the PUC • Recovery expected to begin on May 1, 2015 Columbia Gas of Virginia Base Rate Case • • Filed April 30, 2014 Settlement reached in Dec. 2015: ~$25 million proposed revenue increase including pipeline safety program recovery Supports multi-year system modernization program, growth and safety investments • Settlement filed in Dec. 2014 • Final decision expected in Q1 2015 • 2015 investment plans approved by IURC • • Seven-year plan focused on system modernization and system extensions to rural customers ~$840M investment, up from the initial $710M approved 2015 investments projected at ~$120M • ~$20B+ expected long-term program across service territory • Complete program update outlined in Appendix on slide 20 • NIPSCO Natural Gas System Modernization Program Infrastructure Modernization Investments • * Non-GAAP. For a reconciliation to GAAP, see Schedule 2 of the Company’s Feb. 18, 2015 Earnings Release 8 NiSource Key Takeaways – 2015 Continued Solid Growth Projected Across Pipeline & Utility Businesses • Deliver on current NiSource business strategy - Continued execution of infrastructure investments, regulatory strategy, project origination - ~$2.4B capital investments planned across CPG and NiSource Utilities in 2015 • CPG: ~$1.1B NIPSCO Electric: ~$400M NGD: ~$900M • Execute the NiSource/CPG separation in mid-2015 - Initial Form 10 Registration Statement filed - Experienced leadership and operational teams in place for both companies - Revolving credit facilities in place; recapitalization to begin in second quarter Separation of NiSource / Columbia Pipeline Group On Track 9 Supplemental Slides Predecessor Fourth Quarter Year-End 2014 Earnings February 18, 2015 .Columbia Pipeline Partners Columbia Pipeline Partners A Best-In-Class Master Limited Partnership Strong and Supportive Sponsor Experienced Leadership Team Financial Strength & Flexibility Stable and Predictable Cash Flows Robust Growth Profile Strategic Footprint & Integrated Service Platform 11 Columbia Pipeline Partners A Best-In-Class Master Limited Partnership • ~54M units offered at $23 each – ~$1.2B offering • $500M revolving credit facility in place, effective at IPO Columbia Pipeline Partners LP Predecessor Historical Three Months Ended December 31, In Millions 2014 Year Ended December 31, 2013 2014 2013 Operating Revenues $ 340.4 $ 321.8 $ 1,346.9 $ 1,179.4 Operating Income $ 133.2 $ 119.7 $ 488.7 $ 439.6 Net Income $ 64.4 $ 71.7 $ 269.1 $ 266.9 Adjusted EBITDA** $ 160.6 $ 150.5 $ 598.5 $ 542.7 ** For a reconciliation to GAAP, see Schedule 1 of the Columbia Pipeline Partners Feb. 18, 2015 Earnings Release 12 NiSource Appendix Fourth Quarter Year-End 2014 Earnings February 18, 2014 NiSource? Capital Expenditures ($M) 2014 Actual and 2015 Forecasted CapEx $2,184M $2,405M $63 $41 $1,059 $844 $439 $391 $860 $892 2014 2015 Gas Distribution Electric Pipeline Group Corporate 2015 Growth & Tracker ~$1,875M (78%) and Age & Condition ~$530M (22%) 14 Capitalization ($M) Total Debt to Capitalization 61.8% as of 12/31/14 Actual 12/31/2013 Actual 12/31/2014 Debt Long-Term Debt $ Short-Term Debt Equity 8,155.9 $ Total - $ Debt Equity 8,155.9 $ 7,593.2 $ Total - $ 7,593.2 1,292.6 - 1,292.6 433.6 - 433.6 Sale of A/R 284.3 - 284.3 265.1 - 265.1 Current Portion of Long-Term Debt 266.6 - 266.6 542.1 - 542.1 6,175.3 6,175.3 - 5,886.6 5,886.6 6,175.3 $ 16,174.7 $ 8,834.0 $ 5,886.6 $14,720.6 100.0% 60.0% Common Equity Total Capitalization Per Balance Sheet $ % of Capitalization Per Balance Sheet Moody’s Baa2 / P2 9,999.4 61.8% ● $ 38.2% S&P BBB- / A3 ● 40.0% 100.0% Fitch BBB- / F3 15 Current Liquidity ($M) Actual 12/31/14 Committed Credit Facility* $ 2,000 Maturity September 2018 Less: Drawn on Credit Facility (500) Commercial Paper (1,105) Letters of Credit (15) Cash & Equivalents 25 Add: Net Available Liquidity $ 718 * Existing $2.0B NFC Revolver will be revised to $1.5B and extended five years from date of separation (new estimated expiration date of July 1, 2020) 16 CPG Regulated Pipeline & Storage Growth Update ~$7-9B Opportunity (10 Years) Project 1 2 3 CapEx In-Service 1 Millennium ~$90M (NI: $45M) 2Q ‘13 & 1Q ’14 Marcellus: Deliver Marcellus supplies to multiple markets with expanded compression at Minisink (+150 MDth/Day) and Hancock (+175 MDth/Day) 7 5 Warren County ~$35M 2Q ’14 Gas Generation: Expansion serving Virginia Power’s new 1,300 MW plant (250 MDth/Day) West Side Expansion* ~$200M 4Q ‘14 Marcellus: Transport supply to the Gulf Coast and growing Southeast Markets (~540 MDth/Day) 13 12 3 10 8 2 9 4 6 ~$40M 4 Giles County 4Q ’14 (CPG $25M - CGV $15M) Gas Conversion: Pipeline extension to serve coal-to-natural gas boiler conversion (~45 MDth/Day) 5 Line 1570 ~$20M Marcellus: Increased takeaway capacity (~100 MDth/Day) 6 Chesapeake LNG ~$30M Three Phases: 2013 - 2015 Facility Upgrade: Multi-phased project over three years to upgrade and maintain service to existing customers (~120 MDth/Day) 7 East Side Expansion ~$275M 3Q ’15 Marcellus: Connect northern Marcellus supplies to Northeast and Mid-Atlantic Markets (~315 MDth/Day) 8 Kentucky Power Plant ~$25M 2Q ‘16 Gas Conversion: Expansion project to serve gas-fired power plant in Kentucky (~70 MDth/Day). 10 4Q ’14 11 Utica Access Project ~$50M 4Q’16 ~5-Mile greenfield pipeline to transport growing supply onto existing Columbia Gas line (~205 MDth/Day) ~$1.8B 10 Rayne / Leach XPress 4Q ’17 (Rayne $380M - Leach $1.4B) Marcellus / Utica: Facilitates transportation of Marcellus and Utica production to markets on Columbia Gas (~1.5 Bcf/Day) and Columbia Gulf (~1.0 Bcf/Day) Complete In Execution In Development 9 11 Cameron Access Project ~$310M 1Q ’18 Transport supplies from numerous basins into Cameron’s LNG facility via a new pipeline and additional compression. (~800 MDth/Day) 12 WB XPress ~$870M 4Q ‘18 Marcellus / Utica: Incremental transport capacity to move growing production to various markets across CPG’s WB line (~1.3 Bcf/Day) 13 Mountaineer and Gulf XPress TBD TBD Marcellus / Utica: Incremental capacity from OH, SW, PA, and WV to TCO pool and Leach (~2.7 Bcf/Day) ~$4-5B Opportunity (10-15 Years) Columbia Gas Modernization $300M/Yr. 2013 – 2017 FERC approved (1/2013) – 5-Year settlement agreement (with potential extension provisions) to execute a comprehensive, balanced and transparent pipeline modernization program. Approximately $620M of new facilities have been placed in service during the first two years of the program. * The Alexandria compression portion of Columbia Gulf’s West Side Expansion will be placed in service in Q3 2015 17 CPG Midstream & Minerals Growth Update ~$2B Opportunity (10 Years) 22 Project 13 CapEx 15 16 20 In-Service Majorsville ~$85M 3Q ’10 Marcellus: Gathers wet gas to processing facility and provides downstream pipeline market access with additional pipeline and compression assets (~325 MDth/Day) 15 16 Big Pine Gathering ~$165M 2Q ’13 Marcellus: ~60 miles of pipeline with multiple interstate connections (~425 MDth/Day) Pennant JV – Hickory Bend Gathering/Processing ~$330M (NI = ~$165M) 4Q’13 & 2Q’14 Utica: ~45 miles of pipeline (500 MDth/Day) and an NGL processing facility (200 MDth/Day); pipelines and NGL processing facility complete Columbia Midstream Group Interconnects ~$10M 2Q ’15 Marcellus: Interconnects along the Big Pine Gathering System to transport new supplies 18 Big Pine Expansion ~$65M 3Q ’15 Marcellus: A 10-mile, 20-inch lateral to Bluestone Processing Plant and incremental compression on Big Pine (~175 MDth/Day) 19 Washington County Gathering ~$120M Two Phases: 2015 - 2018 Marcellus: Greenfield gathering system in Washington County, PA to gather wellhead production 20 Pennant JV – Phase II ~$500M (NI = ~$250M) 2015 - 2018 Utica: Gathering system expansion and additional processing facilities 21 Appalachia G&P ~$500M Marcellus / Utica: Gathering systems and processing facilities 2016 - 2018 14 21 Complete Pennant JV – NGL Pipeline ~$60M (NI = ~$30M) 4Q ’14 Utica: Pipeline development to transport NGLs from the Hickory Bend processing facility to Kensington; capacity of the gas liquids pipeline is expected to be up to ~90K barrels a day 17 17 19 13 14 18 In Execution In Development In Evaluation Self-Funded Investment 22 Utica Minerals Executing Drilling Arrangement Program Utica: Joint development with Hilcorp to extract value from a combined acreage of mineral rights – drilling started in 2013. Production volumes dedicated to Pennant JV-Hickory Bend Potential Minerals Opportunities Under Evaluation Utica: Optimize minerals position in shale region to leverage downstream infrastructure opportunities 18 Electric Operations Infrastructure Investment Update Upgrade Generation Fleet (~$2B Opportunity) Project 1 2 CapEx In-Service U14 FGD ~$250M YE’13 ECRM (Environmental Cost Recovery Mechanism - 100% Tracked) FGD (Flue Gas Desulfurization) facility at Schahfer Generating Station 6,7 4,5 6,7 4,5 3 U15 FGD ~$250M YE’14 ECRM (100% Tracked) FGD facility at Schahfer Generating Station 6,7 1 3 U12 FGD ~$265M YE’15 ECRM (100% Tracked) FGD facility at Michigan City Generating Station 4 NOx Upgrades ~$30M ECRM (100%Tracked) NOx upgrades and monitoring 4,5 2 8 9 YE’15 Complete 5 6 7 MATS ~$50M YE’13/YE’14/YE’15 ECRM (100%Tracked) projects enhancing mercury and particulate controls at all coal plants In Execution In Development Water Treatment $25M - $130M YE’18/YE’19/YE’20 Environmental: SB 251 (80% Tracked / 20% Deferred) projects enhancing wastewater treatment at all coal plants and water intake modifications at Bailly Station In Evaluation Coal Ash Improvements $100M - $300M TBD Environmental: SB 251 (80% Tracked / 20% Deferred) projects upgrading ash handling and disposal at all coal plants Enhance Transmission System Infrastructure Modernization Program (~$7B Opportunity) NIPSCO Electric Distribution & Transmission Modernization 7-Year Investment ~$1.1B (~$1B Opportunity) 8 Approved / Implemented: 2014 Modernization: SB 560 (80% Tracked / 20% Deferred) NIPSCO implemented year 1 of its 7-year, ~$1.1B electric infrastructure replacement plan. The plan was approved by the IURC in February 2014 and requires NIPSCO to file a rate case within seven years. In August 2014, NIPSCO filed its first semi-annual tracker as required by SB 560, reaffirming its commitment to the $1.1B capital investment level. An order was received in November 2014 with factors in effect December 2014 (subject to refund). 9 Reynolds-Topeka $250M - $300M 2H 2018 MISO MVP: FERC approved 345-kV transmission project from Reynolds Substation to Hiple Substation (100 miles) – route determination complete… right-of-way acquisition and permitting activities continue. $300M - $400M Greentown-Reynolds (NI: $150M – $200M) 2H 2018 MISO MVP – partnership: FERC approved 765-kV transmission project from Reynolds Substation to Greentown Substation (~70 miles) – route determination complete…right-of way acquisition and permitting activities continue. 19 NGD Infrastructure Investment Update Infrastructure Modernization Programs 3 (~$20B Opportunity) 10 Annual Investment 1 2 Columbia Gas of Ohio $175M - $200M 20+ Years Tracked: Execution of established Infrastructure Replacement Program; annual tracker filings with 5-year program renewal (next renewal 2018) 2 7 11 Columbia Gas of Pennsylvania $125M - $175M 20+ Years Rate Case / Tracked: Execution of established Infrastructure Replacement Program; recovery utilizes forward test year rate case filings supplemented by periodic DSIC filings under Act 11 Columbia Gas of Maryland ~$10M 20+ Years Rate Case / Tracked: Execution of established Infrastructure Replacement Program; rate case filings with make whole filings for up to three subsequent years 7 NIPSCO Gas – Modernization $120M - $140M 7 Years 80% Tracked / 20% Deferred (Senate Bill 560): The NIPSCO Gas 7-year infrastructure replacement plan also contains provisions to expand natural gas service into rural areas of Indiana. The original ~$700M plan was approved by the IURC in April 2014. In August 2014, NIPSCO filed an updated 7-year plan supporting additional capital investment opportunities. This update was approved in January 2015 resulting in an ~$840M 7-year plan. Complete In Execution In Development 4 5 4 Columbia Gas of Virginia $20M - $30M 20+ Years Tracked: Execution of established Infrastructure Replacement Program; annual tracker filings with 5-year program renewal (next renewal 2017) 6 9 6 3 Columbia Gas of Massachusetts $40M - $60M 20+ Years Tracked: Execution of established Infrastructure Replacement Program; annual tracker filings to be made under the provisions of House Bill 4164 5 Columbia Gas of Kentucky ~$10M 20+ Years Tracked: Execution of established Infrastructure Replacement Program with annual tracker filings 1 8 In Evaluation Current Regulatory Activity 8 Columbia Gas of Virginia – Settled Increase: Settlement: 4Q’14 Rate Case ~$25M Approval: 1Q’15 Filing supports CGV's capital investments associated with a multi-year gas distribution modernization program 9 Columbia Gas of Pennsylvania – Settled Settlement: 3Q’14 Rate Case Increase: ~$33M Effective: 4Q’14 Filing supports CPA's capital investments to enhance pipeline safety initiatives and customer programs. The filing was settled in September 2014 and approved by the Commission in November with new rates in effect in December 2014. This is the second filing under Act 11, using a forward test-year that extends to 12/31/2015. Filed: Oct’14 10 Columbia Gas of Massachusetts – Requested Increase: Gas System Enhancement Filing $2.6M Effective: May’15 Filing supports CMA’s infrastructure modernization program by allowing accelerated recovery on certain investments associated with the program. This is CMA’s first filing under the provision of House Bill (HB) 4164. Seven-Year Plan Filed: 3Q’14 11 NIPSCO Gas – Modernization Approved for ~$840M Effective: 1Q’15 NIPSCO filed it’s first semi-annual gas tracker as required by SB 560. The filing supports additional capital investments related to increased demand for rural expansion and was approved in January 2015. 20 Key Path Forward Markers 2014 Completed Separation (NiSource / CPG) Recapitalization Columbia Pipeline Partners MLP (IPO) Liquidity Term Loan Issuance: $750M (3-year)  LT Debt Maturities: $230M (11/2015) / $202M (3/2016) / $220M (11/2016) DRIP Gas Distribution CPA, CMA and CMD – Rate Cases Columbia Gas of VA – Rate Case (Effective 4Q14 / Approval)  NIPSCO Gas – Infrastructure Replacement – SB 560 (Semiannual Tracker Filing / Execution) Columbia Gas of Massachusetts – Tracker Filing (Filed 4Q14 / Effective) Infrastructure Replacement Programs (~$350-$450M Per Year) Electric NIPSCO – FGD’s: U14, U15, U12 (U14 & U15: Complete / U12: In-Service ) Infrastructure Replacement Program – SB 560 (Semiannual Tracker Filing / Execution)  MISO Approved Transmission Projects (Planning & Construction / In-Service 2018) Pipeline Projects In-Service – (West Side, Giles County, Line 1570, Warren County) Pennant JV Projects In-Service – (Processing Facility, NGL Pipeline)   Columbia Pipeline Group Washington County Gathering (Phase 1: In-Service 3Q15 / Phase 2 In-Service 2018) Utica Access Project (In-Service) Millennium Pipeline – Expanded Compression Columbia Gas Transmission Modernization (Tracker Implementation: 2014 / 2015) East Side Expansion (In-Service) Chesapeake LNG Facility Upgrade (Phase 1, Phase 2: Complete / Phase 3: In-Service) Kentucky Power Plant (In-Service) Columbia Midstream Group Interconnects (In-Service) Big Pine Expansion (In-Service)  1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16