Donald Eugene Brown
Executive Vice President & Chief Financial Officer at NiSource
Thanks, Shawn, and good morning, everyone. As Lloyd mentioned, we've narrowed the timing of our planned Investor Day to November and we're making progress towards sharing a definitive long-term plan for NiSource beyond 2024. As you might imagine, the results of our strategic review, timing of planned solar projects and the RFP, Shawn just mentioned, are significant factors in our planning. I hope all of you will be able to join us as we discuss our path forward. Turning to our second quarter 2022 results on Slide four. We had non-GAAP net operating earnings of about $53.9 million or $0.12 per diluted share compared to non-GAAP net operating earnings of about $52.6 million or $0.13 per diluted share in the second quarter of 2021. We have reaffirmed our 2022 guidance of $1.42 to $1.48 and all of our long-term diluted non-GAAP net operating earnings per share growth rates.
Taking a closer look at our second quarter segment non-GAAP results on Slide five, gas distribution operating earnings were about $81 million for Q2 of 2022, representing an increase of approximately $15 million versus the same quarter last year. Operating revenues, net of the cost of energy and tracked expenses were higher by approximately $36 million, mainly due to new rates resulting from base rate cases and regulatory capital programs. Operating expenses, again, net of the cost of energy and tracked expenses were higher by approximately $21 million due primarily to higher employee and depreciation expenses. In our electric segment, non-GAAP operating earnings for the second quarter were about $73 million, which is about $11 million lower than in the same quarter last year. Second quarter operating revenues, net of the cost of energy and tracked expenses were higher by approximately $8 million in 2022.
This is primarily due to the joint venture revenues offset in expense. This quarter also saw increased capital investment recoveries and customer growth. Operating expenses, once again, excluding the cost of energy and tracked expenses, were approximately $19 million higher than 2021 due primarily to increase joint venture depreciation and amortization as well as joint venture-related operating expenses, both of which are partially offset in revenues. Now turning to Slide six, I'd like to briefly touch on our debt and credit profile. Our debt level as of June 30, 2022, was about $10.1 billion, of which about $9.6 billion was long-term debt with a weighted average maturity of approximately 14 years and a weighted average interest rate of approximately 3.7%. At the end of the second quarter, we maintained net available liquidity of over $1.6 billion consisting of cash and available capacity under our credit facility and our accounts receivable securitization programs.
We continue our commitment to retaining our current investment-grade credit ratings. Late last week, Moody's reaffirmed our ratings and outlook, which now has all three agencies reaffirming NiSource's ratings in 2022. Our debt and credit profile continued to represent a solid financial foundation to support our long-term safety and infrastructure investments. As you can see on Slide seven and eight, we are continuing the process of making some adjustments to our financial plan to reflect the expected delays in solar generation projects.
These potential adjustments will help mitigate the earnings impact of project delays and enable us to maintain our 2024 EPS growth commitment. The long-term visibility of our capital plan and the flexibility in our regulatory mechanisms illustrate the resiliency and strength of our business to maintain all of our commitments, including EPS growth. Taking a quick look at Slide nine, which highlights our financing plan. There's no change to the overall financing plan, and I'm excited to highlight that on June 10, we successfully executed our first green bond issuance, which was a 30-year bond at 5%.
The proceeds for this note are intended to be used for the purchase of our Rosewater and Crossroads wind projects next year. I would also highlight that this balanced financing plan continues to be consistent with all of our earnings growth and credit commitments. Thank you all for participating today and for your ongoing interest in and support of NiSource. We're ready now to take your questions.