After an in-depth financial review that stretched over more than a year, executives of troubled NiSource Inc. finally revealed their course of action -- they weren't changing anything. The much-speculated sale of NIPSCO's electric division is no longer on the table.

NiSource is the parent company of the Northern Indiana Public Service Co.

NiSource spokesman Karl Brack said the company didn't expect to see any substantial earnings growth until 2010.

Paul Justice, utilities equity analyst for the Chicago-based financial firm Morningstar Inc. likened the conference call to a "confessional," saying it was a "painful statement" for NiSource to make.

"The news doesn't give the quick boost some investors were hoping for," Justice said. "Shareholders will have to get used to the fact that earnings may not grow for the next few years."

NiSource CEO Robert Skaggs Jr. said the company considered every course of action, from selling off huge assets to doing nothing at all, during the review.

In the end, the company believed that the only way it could enhance its long-term growth would be to sell NIPSCO's electric division. But Skaggs said it did not find the right offer and has stopped actively looking for a potential buyer.

Brack wouldn't discuss details about the proposed transactions. But Brack said the company only approached a few counter-parties about spinning off their electric branch.

Without knowing details about the potential transaction offers, Justice couldn't say whether the company made the right decision.

"NIPSCO is probably the strongest asset the company has," Justice said, explaining the electric division's greater growth potential vs. gas utilities. "If you have to sell the crown jewels, you better make sure you can get a lot for it."

Skaggs estimated the year's net operating earnings at $1.35 a share -- 15 cents less than the average analyst estimate, according to Marketwatch.

It's the third year in a row NiSource fell under analysts' expectations, Justice said. Skaggs said increasing operating expenses offset the company's improved revenue from it's Whiting Clean Energy unit and stable margins from its main utility operations.

He said a 3 to 5 percent annual growth should kick in by 2010, when NiSource's storage expansion and gas transmission will be fully operational.