#United States #Chesapeake Utilities #Dover #Florida Energy Pathway #Peninsula Pipeline

Chesapeake Utilities Unveils Florida Energy Pathway Project

Chesapeake Utilities Corporation, a key player in energy delivery, recently announced the launch of its ambitious Florida Energy Pathway (FEP) project. This major initiative is set to enhance natural gas transportation capacity in South Florida, a region facing increasing energy demand amid significant population and economic growth.

The Florida Energy Pathway project will establish a robust 24-inch intrastate natural gas pipeline, beginning in Palm Beach County and extending to Miami-Dade County. This strategic project is designed to alleviate regional supply constraints while ensuring system reliability. With nearly 250,000 dekatherms per day already secured from various investment-grade shippers, the FEP aims to bolster Florida’s energy infrastructure dramatically.

Investment and Development Overview
The overall investment for the FEP is projected to be around $1.2 billion, pending the completion of design and development phases. Chesapeake Utilities aims to partner with external investors to secure funding for this significant undertaking, with plans to allow third parties to potentially own up to 49% of the project.

Jeff Householder, the company’s president and CEO, commented on the initiative, stating, “Florida continues to lead the nation in both population and economic growth, resulting in heightened energy demand. Expanding natural gas infrastructure like the FEP will play an essential role in facilitating regional growth and promoting energy independence.”

The timeline for the project's completion is set for 2030, pending final commissioning. Chesapeake Utilities will further elaborate on this initiative during its second-quarter earnings call, aim to provide stakeholders with insights into the anticipated capital investments involved.

Strategic Significance of FEP
The Florida Energy Pathway is positioned as a long-term growth opportunity for Chesapeake Utilities, aligning with their specialized expertise in natural gas transportation. The project is expected to enhance service delivery to customers and foster economic development across local communities. The acquisition of Florida City Gas has further solidified Chesapeake's presence in South Florida, making the FEP a strategic component of its operational expansion.

About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation operates as a diversified energy delivery company listed on the New York Stock Exchange under CPK. The firm’s offerings range from natural gas transportation and distribution to electricity generation and propane distribution. Their commitment to sustainable energy solutions showcases a holistic approach to meeting the energy needs of their customer base. For more details, visit www.chpk.com.

About Peninsula Pipeline Company
A subsidiary of Chesapeake Utilities, Peninsula Pipeline Company (PPC) focuses on intrastate natural gas transmission in Florida. The company plays a critical role in connecting interstate pipelines with local distribution systems and industrial consumers, thus ensuring that energy needs are met effectively.

Forward-Looking Statements
This announcement contains forward-looking statements, which may involve risks and uncertainties. Investors and stakeholders are encouraged to consult the company's annual and quarterly reports for comprehensive information regarding potential risks associated with this initiative.

For further information, inquiries can be directed to Media Contact: Alexander Nye, Director of Strategic Communications, or Investor Relations Contact: Lucia Dempsey, Head of Investor Relations.

Embracing a future marked by energy demands, the Florida Energy Pathway promises to transform the natural gas landscape in South Florida.