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Chesapeake Utilities Corporation Announces Florida Energy Pathway Project

CPK
  • Chesapeake Utilities Corporation & its subsidiary Peninsula Pipeline Company announced the Florida Energy Pathway (FEP), a new intrastate natural gas infrastructure project in south Florida.
  • The FEP project will be developed, constructed, & operated by PPC to expand natural gas transportation capacity, enhance system reliability, & serve homes & businesses.
  • The project involves a 24-inch pipeline originating in Palm Beach County & terminating in Miami-Dade County.
  • FEP is anchored by firm commitments totaling nearly 250,000 dekatherms per day from multiple investment grade shippers.
  • Upstream capacity will be supplied by Florida Gas Transmission in conjunction with its Phase IX expansion.
  • Total project investment is estimated at approximately $1.2 billion, pending finalization of design & development activities.
  • The project is anticipated to be in service in 2030, subject to final commissioning.
  • Chesapeake Utilities intends to partner with third parties to invest in & own up to 49% of the total project.
  • Chesapeake Utilities will discuss the project & its long-term capital investment expectations on its second quarter earnings call in August.
  • The project aligns strategically with Chesapeake Utilities' natural gas transportation expertise & its increased presence in south Florida following the acquisition of Florida City Gas.