President, Chief Executive Officer and Director at NiSource
Thanks, Chris. Good morning, everyone, and thank you for joining us. Before we get started, I'd like to take a few moments to thank Joe Hamrock, my predecessor as President and CEO, for his outstanding service to NiSource. Joe retired last week as part of a long-planned transition. I'm grateful for Joe's leadership and his decade of service to this Company. He left NiSource in a strong position poised for years of growth and success. We send him our best wishes as he begins the next chapter of his life.
I expect to build on the significant progress NiSource has made in the past year, including our strategic initiatives. NiSource Next, Safety Management System and Your Energy, Your Future, are transitioned to the future of energy. I want to take a step back and remind everyone of our mission, that is of NiSource being a great place to work where we are all relentlessly focused on safety, operational excellence, the customers' experience and delivering on our commitments to shareholders, as we did in 2021.
Our strategic initiatives are what will enable us to achieve our mission of being relentless champions of safety, comfort and service for our customers, and it will help set us up for long-term success. In short, these initiatives are all about people. Our plans for investment-driven, long-term and sustainable growth remain on track. We continue to expect these plans to drive industry-leading compound growth of 7% to 9% in diluted net operating earnings per share through 2024.
My experience in the past two years as the Board of Directors has given me unique insights for executing and extending NiSource's growth plan. I plan to conduct a review of the business with the goal of ensuring that we are best positioned to drive long-term value for all stakeholders. And I look forward to further discussing our strategic initiatives with our employees and with shareholders in the coming months.
Now let's start our discussion. Hopefully, you've all had a chance to read our fourth quarter earnings release, which we issued earlier today. As we look at NiSource results in 2021, we see strong financial and operational performance across key areas of the business. Advancing execution on our portfolio of renewable generation investments is matched by significant progress on regulatory initiatives across all our states. We are enhancing safety, providing customers with new ways to do business with us and moving forward on our plan to reduce Scope 1 greenhouse gas emissions 90% by 2030 versus 2005 levels.
Let's now turn to Slide 3 and take a closer look at our key takeaways. I mentioned earlier our CEO succession. In addition to Joe's retirement, Sondra Barbour and Cassandra Lee, joined the NiSource Board of Directors. The additions of Sondra and Cassandra further strengthened the leadership, experience, diversity and talent on the NiSource Board.
Shifting to full year 2021 results. We exceeded both our original and updated guidance ranges. We reported earnings of $1.37 non-GAAP diluted net operating earnings per share or NOEPS. We are reaffirming our 2022 guidance of $1.42 to $1.48 diluted NOEPS non-GAAP, and we are reaffirming our forecast for 7% to 9% compound annual growth rate from 2021 through 2024, including near-term annual growth of 5% to 7% through 2023.
In 2022, we expect $2.4 billion to $2.7 billion in capital expenditures as we continue to execute our core infrastructure programs and our renewable generation plans. The preferred plan from NIPSCO's 2021 Integrated Resource Plan, or IRP, advances our intention to retire all coal-fired generations between 2026 and 2028. Opportunities for additional generation investments will be better understood, and we continue to analyze the results of the proposals received in the IRP process.
We received final orders in gas rate cases in Pennsylvania, Kentucky and Maryland, which provide balanced outcomes for all stakeholders. Ohio's case continues to advance towards a third quarter implementation, and NIPSCO's gas case is in constructive settlement discussions. Another key regulatory outcome is NIPSCO's electric TDSIC order, representing $1.6 billion of investments in safety, reliability and improved customer service.
Before we get into our specific NiSource utility highlights, I'd like to take a moment to call out our safety progress in 2021. NiSource has reached important safety milestones. They include substantially completing the installation of automated shutoff valves on our low-pressure gas systems. We also expanded deployment of Picarro advanced leak detection technology. We successfully completed Stage 1 of its certification of our Safety Management System by Lloyd's Register. And we bought an additional resources to strengthen our quality management system capabilities across all of our companies. I'm excited to say we expect to issue our very first annual sales report at about the same time as our annual report. I would encourage you to read more about our progress.
Now let's take a look at some NiSource gas distribution highlights for the fourth quarter, starting on Slide 9. The Columbia Gas of Ohio rate case continues to progress on schedule. The filing request an annual revenue increase $221 million, net of the trackers being rolled into base rates, which support continued investments in safety and reliability. We received an order approving a settlement in the Columbia Gas of Kentucky rate case. The settlement supports continued investments in safety and infrastructure replacement and includes an overall increase in revenues of approximately $18 million.
In Maryland, we received a final order from the Public Service Commission. The order includes a revenue increase of approximately $2.4 million. The Pennsylvania Public Utility Commission approved our rate case settlement as filed. It provides a revenue increase of $58.5 million, and new rates went into effect in late December. The settlement continues our program of infrastructure modernization, deploying safety and reliability.
We are engaged in constructive settlement discussions in NIPSCO's gas rate case. The case is focused on infrastructure modernization and providing safe, reliable service while remaining in compliance with state and federal safety requirements. If approved, new rates would take effect between September of this year and March of 2023.
Let's turn now to our electric operations on Slide 10. As noted earlier, NIPSCO's Electric TDSIC plan received final approval in December from the Indiana Utility Regulatory Commission, or IURC. This is a 5-year $1.6 billion program, which includes newly identified projects aimed at enhancing service and reliability for customers as well as some previously identified projects. The other items on this slide relate to our renewable generation strategy, and I'll turn it over to Shawn Anderson to give more detail.