Chesapeake Utilities Corporation Releases 2023 Environmental Stewardship Report

Rhea-AI Summary

Chesapeake Utilities (NYSE: CPK) has released its 2023 Environmental Stewardship Report, highlighting the company's progress in reducing emissions and contributing to a more sustainable future. Key achievements include:

- A 25% reduction in Scope 1 and Scope 2 emissions since 2019, with a 10% year-over-year reduction in 2023
- Support for the renewable natural gas (RNG) value chain, including the company's first waste-to-RNG facility
- Investments in renewable infrastructure through the MACH2™ hydrogen hub
- Promotion of conservation and energy efficiency, including a proposed natural gas energy efficiency portfolio in Delaware
- Extension of pipelines to provide natural gas to underserved areas

The report is part of a series of micro-reports focusing on sustainability, with the next report on community impact and DEI initiatives planned for early 2025.

Positive

• 25% reduction in Scope 1 and Scope 2 emissions since 2019
• 10% year-over-year reduction in emissions in 2023
• 17th consecutive year of increased earnings in 2023
• First waste-to-RNG facility now injecting into Chesapeake Utilities' pipeline
• Regulatory approval for natural gas energy efficiency portfolio in Delaware
• Outpaced national average annual growth rate for new natural gas customers in 2023

Negative

• None.

News Market Reaction

+1.49%

1 alert

+1.49% News Effect

On the day this news was published, CPK gained 1.49%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

DOVER, Del., Sept. 23, 2024 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) announces the release of its 2023 Environmental Stewardship Report, which can be accessed at www.chpk.com. The report is the second in a series of micro-reports and highlights the Company's continued progress in reducing emissions and contributing to a more sustainable future.

"The focus on sustainability is supported and shared across our organization. Our team identifies and pursues emission-reducing projects, not only internally but also to support our customers' sustainability goals," said Jeff Householder, chair of the board, president and CEO of Chesapeake Utilities Corporation. "We see sustainability in action through projects like the creation of a CNG/RNG-fueled, self-contained irrigation and waste pump at our renewable natural gas (RNG) production facility in Florida; and the expansion and utilization of facilities to accept injections of RNG produced at our Planet Found Energy Development facility in Maryland and Full Circle Dairy in Florida. Sustainability is a key driver in our growth strategy and across our operating footprint."

Chesapeake Utilities began reporting Scope 1 and Scope 2 emissions with the 2019 calendar year and continues to refine its data collection, measurement and reporting processes.  Calendar year 2023 marked a 25% reduction in reported Scope 1 and Scope 2 emissions since 2019, with a 10% year-over-year reduction, accomplished as the Company recorded its 17th consecutive year of increased earnings in 2023¹.  Chesapeake Utilities sought and obtained a limited level of assurance by an independent third party for each reported calendar year.  To further support its emissions reduction efforts, the Company also established a cross-functional methane emissions reduction committee in early 2024.

In 2023, Chesapeake Utilities continued to minimize the environmental footprint of its customers and communities by:

• Supporting the RNG value chain with the Company's first waste-to-RNG facility now injecting into Chesapeake Utilities' pipeline and investing in renewable infrastructure through the MACH2^TM hydrogen hub and customer-owned combined heat and power facilities.
• Promoting conservation and energy efficiency, including proposing to establish a first-of-its-kind natural gas energy efficiency portfolio in Delaware, which received regulatory approval in 2024.
• Reaching unserved areas safely and responsibly by extending pipelines to provide natural gas to underserved areas, outpacing the national average annual growth rate for new natural gas customers again in 2023.

The Environmental Stewardship Report represents the second of three planned micro-reports focused on the Company's advancements in sustainability.  The first report, issued in April of this year, focused on safety and reliability. The third micro-report, which will focus on community impact reporting on DEI initiatives and investments in people, communities and customers, will be released in early 2025.

¹ Excluding TCJA impact in 2017 and excluding transaction and transition costs associated with the acquisition of Florida City Gas, which Chesapeake Utilities acquired on November 30, 2023.  Florida City Gas is not included in the reported Scope 1 and Scope 2 emissions for calendar year 2023.

About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses.

Please note that Chesapeake Utilities Corporation is not affiliated with Chesapeake Energy, an oil and natural gas exploration company headquartered in Oklahoma City, Oklahoma.

Media contact:       
Brianna Patterson
Manager, Public Relations and Strategic Communications
419-314-1233
bpatterson@chpk.com

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SOURCE Chesapeake Utilities Corporation

FAQ

What is Chesapeake Utilities 's stock symbol?

Chesapeake Utilities 's stock symbol is CPK, traded on the New York Stock Exchange (NYSE).

How much has Chesapeake Utilities reduced its emissions since 2019?

Chesapeake Utilities has reduced its reported Scope 1 and Scope 2 emissions by 25% since 2019.

What renewable energy projects is Chesapeake Utilities involved in?

Chesapeake Utilities is involved in renewable natural gas (RNG) production, with its first waste-to-RNG facility now injecting into the company's pipeline. They are also investing in the MACH2™ hydrogen hub and supporting customer-owned combined heat and power facilities.

When will Chesapeake Utilities release its next sustainability micro-report?

Chesapeake Utilities plans to release its next sustainability micro-report, focusing on community impact, DEI initiatives, and investments in people, communities, and customers, in early 2025.