Chesapeake Utilities Corporation reports developments from a diversified energy delivery business built around regulated and unregulated energy operations. The company distributes natural gas, electricity and propane, transmits natural gas, generates electricity and steam, and provides mobile compressed natural gas and other energy-related services.
Recurring updates cover earnings, adjusted gross margin, capital investment, regulatory initiatives, infrastructure programs, natural gas organic growth, transmission expansion projects, customer consumption, rate proceedings, dividends, and leadership or governance changes. Company-specific developments also include Florida City Gas, Peninsula Pipeline, Aspire Energy Express and other utility and pipeline operations subject to state utility commission or FERC oversight.
Chesapeake Utilities Corporation (NYSE: CPK) has announced the establishment of a new renewable natural gas (RNG) injection point in Yulee, Florida. This system enhancement allows for the integration of RNG, compressed natural gas (CNG), and liquefied natural gas (LNG) into the existing pipeline, addressing the rising energy demands in Nassau County and the Wildlight community. This initiative aims to support sustainability efforts by allowing alternative fuels in the delivery system. Additionally, the company is investing in further RNG projects, including a transportation project in Ohio and the acquisition of a biogas facility in Maryland.
Chesapeake Utilities Corporation (NYSE: CPK) has received approval from the Florida Public Service Commission to extend natural gas services to about 4,000 new homes and businesses in the Wildlight development, Nassau County, Florida. The Wildlight project is set to include approximately 22,000 residential units over a 10-year period. Currently, Florida Public Utilities, a subsidiary, serves around 1,500 customers in this 24,000-acre community. Additionally, the Peninsula Pipeline Company will construct necessary infrastructure to support this expansion.
Chesapeake Utilities Corporation (NYSE: CPK) announced on January 23, 2023 that its subsidiary, Eastern Shore Natural Gas (ESNG), received approval from the Federal Energy Regulatory Commission (FERC) to construct a new compressor unit in Sussex County, Delaware. This facility aims to support the growing demand for natural gas across the Delmarva Peninsula, increasing capacity by up to 7,300 dekatherms per day. Since 2017, ESNG has invested over $200 million in infrastructure improvements, enhancing service availability for residential and commercial customers.
Chesapeake Utilities Corporation (NYSE: CPK) announced the acquisition of propane assets from Hernando Gas in Hernando, Florida. This strategic move allows Florida Public Utilities (FPU) to expand its operations into the Tampa market. CEO Jeff Householder emphasized propane's reliability and service, while VP Andy Hesson noted the benefits of closer proximity to key markets. With FPU serving multiple states, this acquisition enhances its footprint in Florida, providing better service to existing and new customers.
Chesapeake Utilities Corporation (NYSE: CPK) announced significant recognitions for its executives on December 12, 2022. Jim Moriarty, executive vice president, was recognized as one of Attorney Intel's Top 50 Attorneys in Washington, D.C., while Stacie Roberts was honored as one of Delaware Today's Top Women in Business. The company has also received several national awards for its corporate governance, including Best Corporate Governance in the U.S. in 2022 and Best Corporate Governance among North American Utilities in 2021. These accolades highlight the company's commitment to exemplary governance and leadership.
Chesapeake Utilities Corporation (NYSE: CPK) has acquired 100% of Planet Found Energy Development, LLC for $9.4 million. This acquisition enhances Chesapeake's renewable energy initiatives, specifically in poultry waste management. Key benefits include technology expertise in organic soil conditioning and the operation of a poultry biogas facility in Maryland for testing renewable energy potential. The acquisition represents a significant step in Chesapeake's strategy to develop waste-to-energy solutions in its service territories, supporting sustainability and growth in biogas production.
Chesapeake Utilities Corporation (NYSE: CPK) has declared a quarterly cash dividend of $0.535 per share, payable on January 5, 2023, to shareholders of record by December 15, 2022. This dividend marks 62 consecutive years of uninterrupted payments and continues the trend of annual increases since 2004. The company operates in diversified energy delivery, providing solutions in natural gas, electricity, and propane distribution, among other services.
Chesapeake Utilities (NYSE: CPK) reported financial results for Q3 and the first nine months of 2022, achieving a year-to-date EPS of $3.58, a 3.8% increase from $3.45 in 2021. Net income for the quarter was $9.7 million, down from $12.5 million in Q3 2021, primarily due to one-time earnings impacts. Key growth drivers included pipeline expansions and higher demand for natural gas and propane. Rising interest rates affected earnings by decreasing EPS, which was also impacted by the absence of prior year gains. The company secured $80 million in financing to support growth.
Chesapeake Utilities Corporation (NYSE: CPK) will conduct a conference call on November 3, 2022, at 4:00 p.m. ET, to discuss its third-quarter financial results for the period ending September 30, 2022. The earnings press release will be issued on November 2, 2022, post-market close. Participants can join the call by dialing 877.224.1468 and referencing the financial results.
Chesapeake Utilities provides diverse energy solutions including natural gas and electricity services.
Chesapeake Utilities Corporation's affiliate, Marlin Compression, and the Port Fuel Center were awarded the CNG Implementation Energy Matters Award on Sept. 14, 2022. This recognition was given by Georgia Public Service Commission Vice Chairman Tim Echols during the Clean Energy Roadshow at Savannah State University. The award honors their collaboration on a significant CNG fueling station in Port Wentworth, Georgia, which opened in March and serves as one of the largest public access CNG stations on the East Coast.