Northern Indiana Public Service, part of NiSource Inc., concluded that phasing out coal sooner was worth it because it would move the company to what is becoming a cheaper source of power, and ultimately reduce costs for its 470,000 customers by as much as $4 billion over 30 years. The transition would require raising average rates by a proposed $11 a month starting later this year, because of higher short-term costs related to closing the plants, but the company expects the shift would reduce its overall generation costs starting in 2023. “We’ll continue to see renewables and other technology become more cost competitive,” said Joe Hamrock, NiSource’s chief executive. “There’s recognition that the market is changing in a fundamental and permanent way.” “ ‘There’s recognition that the market is changing in a fundamental and permanent way.’ ” —Joe Hamrock, CEO of NiSource, the parent company of utility Northern Indiana […]