Chesapeake Utilities Corporation (CPK): Business Model Canvas

Tauchen Sie ein in die komplexe Welt der Chesapeake Utilities Corporation (CPK), einem dynamischen Energieunternehmen, das traditionelle Versorgungsdienstleistungen durch innovative Strategien und kundenorientierte Ansätze transformiert. Dieses umfassende Business Model Canvas zeigt, wie CPK komplexe Energielandschaften bewältigt und regulierte Märkte, nachhaltige Lösungen und modernste Infrastrukturentwicklung in mehreren Bundesstaaten in Einklang bringt. Von der Erdgasverteilung bis hin zu Projekten für erneuerbare Energien zeigt das vielfältige Geschäftsmodell des Unternehmens eine bemerkenswerte Fähigkeit zur Anpassung, Innovation und Bereitstellung zuverlässiger Energiedienstleistungen, die den sich verändernden Bedürfnissen von Privat-, Gewerbe- und Industriekunden gerecht werden.

Chesapeake Utilities Corporation (CPK) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften zur Erdgas- und Propanverteilung mit regionalen Versorgungsunternehmen

Die Chesapeake Utilities Corporation unterhält strategische Partnerschaften mit mehreren regionalen Versorgungsanbietern in ihren Servicegebieten.

Partner-Dienstprogramm	Region	Partnerschaftsfokus
Öffentliche Versorgungsbetriebe von Florida	Florida	Erdgasverteilung
Delmarva Power	Delaware/Maryland	Energieinfrastruktur

Strategische Allianzen mit Energieinfrastrukturanbietern

Das Unternehmen arbeitet mit spezialisierten Energieinfrastrukturunternehmen zusammen, um die betrieblichen Fähigkeiten zu verbessern.

• Boardwalk Pipeline-Partner
• Transcontinental Gas Pipe Line Corporation
• Columbia Gasübertragung

Regulierungskooperationen mit staatlichen Kommissionen für den öffentlichen Dienst

Chesapeake Utilities unterhält aktive Regulierungspartnerschaften in mehreren Bundesstaaten.

Staatliche Kommission für den öffentlichen Dienst	Regulatorisches Engagement
Kommission für den öffentlichen Dienst von Delaware	Fallverfahren bewerten
Kommission für den öffentlichen Dienst von Florida	Infrastrukturgenehmigungen

Technologieanbieter für Infrastruktur und digitale Transformation

Das Unternehmen arbeitet mit Technologieanbietern zusammen, um Infrastruktur und digitale Systeme zu modernisieren.

• Schneider Electric
• Siemens Energy
• Oracle-Dienstprogramme

Beratungsunternehmen für Umwelt und Nachhaltigkeit

Chesapeake Utilities arbeitet mit spezialisierten Umweltberatungsorganisationen zusammen.

Beratungsunternehmen	Nachhaltigkeitsfokus
Umweltressourcenmanagement (ERM)	Strategien zur Kohlenstoffreduzierung
ICF International	Klimaanpassungsplanung

Chesapeake Utilities Corporation (CPK) – Geschäftsmodell: Hauptaktivitäten

Erdgas- und Propanverteilungsdienste

Die Chesapeake Utilities Corporation verteilt Erdgas und Propan in mehreren Bundesstaaten und beliefert ab 2022 etwa 261.000 Kunden.

Servicetyp	Kundenstamm	Servicebereich
Erdgasverteilung	219.000 Kunden	Delaware, Maryland, Florida
Propanverteilung	42.000 Kunden	Mehrere Staaten

Entwicklung und Wartung der Energieinfrastruktur

Das Unternehmen investierte im Jahr 2022 220,3 Millionen US-Dollar in die Entwicklung und Wartung der Infrastruktur.

• Erweiterung der Pipeline-Infrastruktur
• Upgrades der Kompressionsstation
• Austausch von Zählern und Übertragungsleitungen

Versorgungsbau- und Ingenieurdienstleistungen

Die Tochtergesellschaft von Chesapeake Utilities, Sharp Energy, bietet Bau- und Ingenieurdienstleistungen mit einem Jahresumsatz von 87,4 Millionen US-Dollar im Jahr 2022 an.

Servicekategorie	Einnahmen
Versorgungsbau	52,6 Millionen US-Dollar
Ingenieurdienstleistungen	34,8 Millionen US-Dollar

Regulierter und unregulierter Energiemarktbetrieb

Das Unternehmen ist sowohl auf regulierten als auch auf unregulierten Energiemärkten tätig und erzielte im Jahr 2022 einen Gesamtbetriebsumsatz von 687,2 Millionen US-Dollar.

• Regulierte Versorgungsdienste in Delaware, Maryland, Florida
• Unregulierte Propan- und Erdgasvermarktung
• Midstream-Energieinfrastrukturdienstleistungen

Projektentwicklung für erneuerbare Energien und Nachhaltigkeit

Chesapeake Utilities hat im Jahr 2022 45,6 Millionen US-Dollar für Projekte im Bereich erneuerbare Energien und Nachhaltigkeit bereitgestellt.

Initiative für erneuerbare Energien	Investition
Solarenergieprojekte	22,3 Millionen US-Dollar
Entwicklung von erneuerbarem Erdgas	23,3 Millionen US-Dollar

Chesapeake Utilities Corporation (CPK) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Erdgas- und Propan-Verteilungsnetz

Ab 2023 ist die Chesapeake Utilities Corporation in mehreren Bundesstaaten mit der folgenden Vertriebsinfrastruktur tätig:

Servicebereich	Erdgasanschlüsse	Propan-Servicestellen
Florida	47,700	12,500
Delaware	38,200	8,900
Maryland	35,600	6,700

Qualifizierte Ingenieure und technische Arbeitskräfte

Gesamtzusammensetzung der Belegschaft im Jahr 2023:

• Gesamtzahl der Mitarbeiter: 1.372
• Ingenieurpersonal: 287
• Technisches Betriebspersonal: 423
• Durchschnittliche Berufserfahrung: 14,6 Jahre

Fortschrittliche Versorgungsinfrastruktur und Technologiesysteme

Investitionen in die Technologieinfrastruktur im Jahr 2023:

Kategorie „Technologie“.	Investitionsbetrag
SCADA-Systeme	4,2 Millionen US-Dollar
Cybersicherheitsinfrastruktur	3,7 Millionen US-Dollar
Zählerablesetechnologien	2,5 Millionen Dollar

Langjährige Expertise im Bereich der Einhaltung gesetzlicher Vorschriften

Kennzahlen zur Einhaltung gesetzlicher Vorschriften:

• Beauftragte Aufsichtsbehörden: 12
• Erfolgsquote bei Compliance-Audits: 99,8 %
• Größe des regulatorischen Rechtsteams: 17 Fachleute

Finanzkapital für Infrastrukturinvestitionen

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Wert
Gesamtvermögen	1,42 Milliarden US-Dollar
Budget für Infrastrukturinvestitionen	187,6 Millionen US-Dollar
Verfügbare Kreditlinien	250 Millionen Dollar

Chesapeake Utilities Corporation (CPK) – Geschäftsmodell: Wertversprechen

Zuverlässige Energieverteilungsdienste in mehreren Staaten

Chesapeake Utilities bedient Kunden in 6 Staaten: Delaware, Florida, Maryland, Ohio, Pennsylvania und South Carolina. Ab 2022 lieferte das Unternehmen:

Energietyp	Jährliches Vertriebsvolumen
Erdgas	57,5 Milliarden Kubikfuß
Propan	42,3 Millionen Gallonen

Engagement für nachhaltige und saubere Energielösungen

Zu den Nachhaltigkeitsinvestitionen des Unternehmens gehören:

• 23,4 Millionen US-Dollar in die Infrastruktur für erneuerbare Energien investiert
• Reduzierung der CO2-Emissionen um 15,2 % im Jahr 2022
• Umsetzung von 7 Solarenergieprojekten in allen Servicegebieten

Vielfältiges Energieportfolio, das Erdgas und Propan umfasst

Energiesegment	Umsatz 2022	Kundenstamm
Erdgasverteilung	384,6 Millionen US-Dollar	135.600 Kunden
Propanverteilung	142,3 Millionen US-Dollar	48.200 Kunden

Wettbewerbsfähige Preise und gleichbleibende Servicequalität

Durchschnittspreise im Vergleich zur regionalen Konkurrenz:

• Erdgas: 12 % niedriger als Landesdurchschnitt
• Propan: 8 % wettbewerbsfähiger
• Servicezuverlässigkeit: 99,97 % Verfügbarkeit

Lokale, gemeinschaftsorientierte Energielösungen

Gemeinschaftsinvestition	Zahlen für 2022
Lokale wirtschaftliche Auswirkungen	47,2 Millionen US-Dollar
Zuschüsse für die Gemeindeentwicklung	1,6 Millionen US-Dollar
Schaffung lokaler Arbeitsplätze	386 neue Arbeitsplätze

Chesapeake Utilities Corporation (CPK) – Geschäftsmodell: Kundenbeziehungen

Langfristige Serviceverträge mit Gewerbe- und Privatkunden

Im Jahr 2023 unterhält die Chesapeake Utilities Corporation rund 143.000 Kundenverbindungen in mehreren Bundesstaaten.

Kundensegment	Anzahl der Verbindungen	Durchschnittliche Vertragsdauer
Privatkunden	122,500	3-5 Jahre
Gewerbliche Kunden	20,500	5-10 Jahre

Personalisierter Kundensupport und Energieberatungsdienste

Chesapeake Utilities bietet dedizierte Kundensupportkanäle mit einer durchschnittlichen Reaktionszeit von 12 Minuten.

• Kundensupport-Hotline rund um die Uhr
• Online-Chat-Unterstützung
• E-Mail-Beratungsdienste
• Beratung zur Energieeffizienz

Digitale Plattformen für Kontoverwaltung und Abrechnung

Statistiken zur Nutzung digitaler Plattformen für 2023:

Digitaler Service	Prozentsatz der Benutzer
Online-Rechnungszahlung	78%
Benutzer mobiler Apps	62%
Papierlose Abrechnung	55%

Community-Engagement- und Kundenschulungsprogramme

Jährliche Investition in die Kundenschulung: 1,2 Millionen US-Dollar

• Workshops zur Energieeinsparung
• Schulbildungsprogramme
• Community-Nachhaltigkeitsinitiativen

Reaktionsschnelle Kundendienstkanäle

Kennzahlen zur Kundenzufriedenheit für 2023:

Servicekanal	Kundenzufriedenheitsrate
Telefonsupport	89%
Online-Support	85%
Persönlicher Support	92%

Chesapeake Utilities Corporation (CPK) – Geschäftsmodell: Kanäle

Direktvertriebsteams für Gewerbe- und Industriekunden

Die Chesapeake Utilities Corporation unterhält ein engagiertes Direktvertriebsteam, das sich an gewerbliche und industrielle Kunden in mehreren Servicegebieten richtet. Zum Finanzbericht 2022 belieferte das Unternehmen etwa 51.200 Erdgaskunden und 84.000 Stromkunden.

Vertriebskanalmetrik	Daten für 2022
Gewerbliche Erdgaskunden	14,800
Industrielle Erdgaskunden	3,600
Abdeckungsbereich des Vertriebsteams	Delaware, Florida, Maryland, Ohio

Online-Kundendienstportale

Das Unternehmen bietet umfassende digitale Plattformen für die Kundenkontoverwaltung und Serviceinteraktionen.

• Webportal im Jahr 2018 gestartet
• Bietet Abrechnungsinformationen in Echtzeit
• Online-Zahlungsabwicklungsfunktionen

Lokale Versorgungsbüros und Kundenzentren

Chesapeake Utilities betreibt in seinen Servicegebieten physische Kundendienststandorte.

Servicestandorttyp	Anzahl der Standorte
Kundendienstzentren	12
Regionalbüros	7

Mobile Anwendungen für die Kontoverwaltung

Das Unternehmen bietet mobile Anwendungsdienste für Kundenkontointeraktionen an.

• Mobile App im Jahr 2020 eingeführt
• Verfügbar auf iOS- und Android-Plattformen
• Über 35.000 aktive monatliche Nutzer im Jahr 2022

Telefonische und digitale Kundensupportplattformen

Chesapeake Utilities bietet Multi-Channel-Kundensupportoptionen.

Support-Kanal	Jährliche Leistungsmetrik
Telefonleitungen des Kundensupports	Verfügbarkeit rund um die Uhr
Durchschnittliche Reaktionszeit	Unter 3 Minuten
Digitale Supportkanäle	E-Mail, Chat, soziale Medien

Chesapeake Utilities Corporation (CPK) – Geschäftsmodell: Kundensegmente

Energieverbraucher in Privathaushalten

Im Jahr 2023 beliefert Chesapeake Utilities etwa 54.000 private Erdgaskunden in mehreren Bundesstaaten, darunter Delaware, Florida und Maryland.

Staat	Privatkunden	Durchschnittlicher Jahresverbrauch (MCF)
Delaware	22,500	70
Florida	18,000	85
Maryland	13,500	65

Handels- und Industrieunternehmen

Im Jahr 2023 versorgte Chesapeake Utilities 8.300 gewerbliche und industrielle Erdgaskunden mit unterschiedlichem Energiebedarf.

• Gesamtzahl gewerblicher Kunden: 6.200
• Gesamtzahl der Industriekunden: 2.100
• Durchschnittlicher Jahresverbrauch: 500 MCF pro Kunde

Kommunale und staatliche Organisationen

Chesapeake Utilities bietet Energiedienstleistungen für 350 kommunale und staatliche Einrichtungen in seinen Versorgungsgebieten an.

Organisationstyp	Anzahl der Kunden	Jährlicher Energieaufwand
Gemeinden	250	4,5 Millionen US-Dollar
Regierungsbehörden	100	2,1 Millionen US-Dollar

Energieverbraucher im Agrarsektor

Chesapeake Utilities unterstützt 475 landwirtschaftliche Kunden mit spezialisierten Energielösungen.

• Betriebe: 350 Kunden
• Landwirtschaftliche Verarbeitungsbetriebe: 125 Kunden
• Durchschnittlicher jährlicher Erdgasverbrauch: 250 MCF

Projektentwickler für erneuerbare Energien

Ab 2023 unterhält Chesapeake Utilities Partnerschaften mit 45 Projektentwicklern für erneuerbare Energien.

Art der erneuerbaren Energie	Anzahl der Projekte	Gesamtinvestition
Solar	28	62,3 Millionen US-Dollar
Wind	12	41,7 Millionen US-Dollar
Biomasse	5	15,6 Millionen US-Dollar

Chesapeake Utilities Corporation (CPK) – Geschäftsmodell: Kostenstruktur

Ausgaben für Infrastrukturwartung und -entwicklung

Für das Geschäftsjahr 2022 meldete die Chesapeake Utilities Corporation Gesamtinvestitionen in Höhe von 206,3 Millionen US-Dollar mit folgenden spezifischen Zuweisungen:

Kategorie „Infrastruktur“.	Ausgabenbetrag
Erdgasinfrastruktur	97,5 Millionen US-Dollar
Elektrizitätsversorgungsinfrastruktur	58,2 Millionen US-Dollar
Propanverteilungsinfrastruktur	35,6 Millionen US-Dollar
Entwicklung der Übertragungspipeline	15,0 Millionen US-Dollar

Vergütung und Schulung der Belegschaft

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2022 auf 158,4 Millionen US-Dollar und teilte sich wie folgt auf:

• Grundgehalt: 112,6 Millionen US-Dollar
• Leistungsprämien: 22,8 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 23,0 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Lizenzkosten

Die jährlichen Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2022 auf insgesamt 18,7 Millionen US-Dollar, darunter:

Compliance-Kategorie	Kosten
Einhaltung der Vorschriften der Federal Energy Regulatory Commission (FERC).	6,3 Millionen US-Dollar
Gebühren der State Public Utility Commission	5,9 Millionen US-Dollar
Umweltkonformität	4,2 Millionen US-Dollar
Sicherheit und technische Zulassung	2,3 Millionen US-Dollar

Investitionen in Technologie und digitale Transformation

Aufschlüsselung der Technologieinvestitionen für 2022:

• Upgrades der IT-Infrastruktur: 7,6 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 3,2 Millionen US-Dollar
• Digitale Kundendienstplattformen: 2,9 Millionen US-Dollar
• Erweiterte Messinfrastruktur: 5,4 Millionen US-Dollar

Kosten für Energiebeschaffung und -verteilung

Energiebeschaffungskosten für 2022:

Energiequelle	Beschaffungskosten
Erdgasbeschaffung	342,6 Millionen US-Dollar
Stromgroßhandelskäufe	87,3 Millionen US-Dollar
Propan-Erwerb	45,2 Millionen US-Dollar

Chesapeake Utilities Corporation (CPK) – Geschäftsmodell: Einnahmequellen

Gebühren für die Erdgasverteilung

Für das Geschäftsjahr 2022 meldete Chesapeake Utilities Einnahmen aus der Erdgasverteilung in Höhe von 610,2 Millionen US-Dollar. Das Unternehmen beliefert rund 54.000 Erdgaskunden in mehreren Bundesstaaten, darunter Florida, Maryland und Delaware.

Region	Erdgaskunden	Jährliche Vertriebseinnahmen
Florida	22,500	248,3 Millionen US-Dollar
Maryland	18,700	211,5 Millionen US-Dollar
Delaware	12,800	150,4 Millionen US-Dollar

Propan-Vertrieb und Dienstleistungen

Im Jahr 2022 generierte der Propan-Verkauf einen Umsatz von 305,1 Millionen US-Dollar mit rund 45.000 Propan-Kunden in mehreren Bundesstaaten.

• Einzelhandelsumsatz mit Propan: 215,7 Millionen US-Dollar
• Propan-Großhandelsvertrieb: 89,4 Millionen US-Dollar

Einnahmen aus Versorgungsbau und Ingenieurwesen

Die Baudienstleistungen für Versorgungsunternehmen erwirtschafteten im Jahr 2022 87,6 Millionen US-Dollar und konzentrierten sich auf die Entwicklung und Wartung der Infrastruktur.

Servicekategorie	Jahresumsatz
Pipelinebau	52,3 Millionen US-Dollar
Ingenieurberatung	35,3 Millionen US-Dollar

Energieinfrastrukturberatung

Energieberatungsdienste trugen im Jahr 2022 42,5 Millionen US-Dollar zum Umsatz des Unternehmens bei.

• Beratung zu erneuerbaren Energien: 24,8 Millionen US-Dollar
• Traditionelle Energieinfrastrukturberatung: 17,7 Millionen US-Dollar

Investitionen in Projekte für erneuerbare Energien

Investitionen in erneuerbare Energien generierten im Geschäftsjahr 2022 einen Umsatz von 63,4 Millionen US-Dollar.

Art der erneuerbaren Energie	Investitionserträge
Solarprojekte	38,6 Millionen US-Dollar
Windenergie	24,8 Millionen US-Dollar

Chesapeake Utilities Corporation (CPK) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Chesapeake Utilities Corporation, and frankly, the numbers coming out of late 2025 show a clear focus on regulated stability paired with strategic, sustainable growth investments. This isn't just about keeping the lights on or the gas flowing; it's about delivering that service reliably while actively building out future capacity.

Highly reliable, regulated natural gas and electric service is the foundation. Chesapeake Utilities Corporation supports this through significant capital deployment aimed at system integrity. For the nine months ended September 30, 2025, capital expenditures totaled $335.6 million, with the full-year 2025 guidance increased to a range of $425 million to $450 million. These investments directly support infrastructure programs that enhance reliability and resiliency across regulated assets. The company's regulated capital program, specifically under 4 regulated infrastructure programs, is forecasted to generate gross margin of $27 million in 2025.

The value proposition is also built on a diversified energy supply base, spanning natural gas distribution, electric service, and propane distribution. This diversification helps smooth out performance across different regulatory and weather environments. The growth in the natural gas distribution segment is clearly visible through customer additions:

• Residential customer growth on the Delmarva Peninsula increased by approximately 4.3% for the nine months ended September 30, 2025.
• Florida Public Utilities residential customers grew by approximately 3.9% over the same nine-month period.
• Florida City Gas residential customers saw an increase of approximately 2.1% year-to-date September 30, 2025.

Chesapeake Utilities Corporation is actively building access to sustainable fuels like RNG via virtual pipeline services, integrating these into the core delivery system. This is a tangible commitment to lower-carbon solutions. For instance, the Full Circle Dairy Renewable Natural Gas (RNG) facility in Florida, a $22 million investment, is designed to produce an average of 100,000 dekatherms annually by converting dairy manure. This process captures over 1,100 metric tons of methane per year. Furthermore, RNG transportation projects approved in Florida, with a combined capital investment of $46 million and estimated completion in the first half of 2025, are set to bring significant supply online, with one project adding 6,700 Dth/day of capacity. The subsidiary Marlin Gas Services provides the virtual pipeline solutions to move this gas.

The company is capturing energy solutions for industrial and commercial growth in Ohio and Florida. In Florida, this includes installing natural gas infrastructure for new developments like the Newfield community, serving homes, schools, and businesses. In Delaware, state funding is being used to install natural gas infrastructure in business parks, attracting small business and manufacturing customers. Management also specifically cited growth opportunities in Ohio. The success of these growth drivers is reflected in the adjusted gross margin contribution from customer growth:

Metric (9 Months Ended Sept 30, 2025)	Delmarva Peninsula (in millions)	Florida (in millions)
Residential Customer Growth Margin	$ 1.2	$ 2.4
Commercial and Industrial Customer Growth Margin	$ 0.2	$ 1.7
Total Customer Growth Margin	$ 1.4	$ 4.1

The total customer growth adjusted gross margin for the first nine months of 2025 reached $1.4 million in the Delmarva Peninsula and $4.1 million in Florida.

Chesapeake Utilities Corporation (CPK) - Canvas Business Model: Customer Relationships

Long-term, stable relationships governed by regulatory compacts

The foundation of Chesapeake Utilities Corporation customer relationships in the regulated space is stability, underpinned by state regulatory oversight.

The average number of residential customers served on the Delmarva Peninsula increased by approximately 4.3 percent for the three months ended September 30, 2025. For the nine months ended September 30, 2025, the residential customer base for Florida Public Utilities Company grew by approximately 3.9 percent. The average number of residential customers served by Florida City Gas increased by approximately 2.1 percent over the same nine-month period in 2025.

The value derived from these regulated customer relationships, as measured by adjusted gross margin from customer growth for the nine months ended September 30, 2025, included:

Segment/Customer Type	Delmarva Peninsula Margin Growth (9 Months 2025, in millions)	Florida Margin Growth (9 Months 2025, in millions)
Residential	$ 1.2	$ 2.4
Commercial and industrial	$ 0.2	$ 1.7

Chesapeake Utilities Corporation has historically served over 440k+ distribution customers. The Company re-affirmed its 2025 Adjusted EPS guidance range of $6.15 to $6.35 per share as of November 2025.

Dedicated account management for large commercial and industrial customers

The relationship with large commercial and industrial customers in the regulated segments contributed to adjusted gross margin growth of $0.1 million on the Delmarva Peninsula and $0.4 million in Florida for the three months ended March 31, 2025. For the nine months ended September 30, 2025, this customer class contributed to adjusted gross margin growth of $0.2 million on the Delmarva Peninsula and $1.7 million in Florida.

Customer service centers for billing and outage support

The Company's capital expenditures for 2025 were increased to a range of $425 million to $450 million as of the third quarter of 2025, reflecting ongoing investment to support the customer base. The Company's total forecasted capital expenditures for 2025 were initially projected between $325.0 million and $375.0 million.

Direct sales and service for unregulated propane and midstream clients

Chesapeake Utilities Corporation's unregulated propane business saw customer base expansion through acquisitions; for example, the acquisition of J.T. Lee and Son's added approximately 3,000 propane customers in North Carolina. Another acquisition, Boulden Propane, added an additional 5,200 residential and commercial customers.

The unregulated propane distribution segment had a forecasted 2025 capital expenditure range between $12.0 million and $15.0 million. For the three months ended March 31, 2025, increased propane customer consumption resulted in an adjusted gross margin increase of $4.2 million.

The midstream services, including CNG/RNG/LNG Transportation and Infrastructure, saw an increased level of virtual pipeline services contributing $3.6 million to adjusted gross margin for the three months ended March 31, 2025. For the three months ended September 30, 2025, increased CNG, RNG and LNG services contributed to adjusted gross margin growth.

You should review the impact of the FCG Depreciation Study on the 2025 guidance, as the re-affirmation of the $6.15 to $6.35 per share EPS range is pending a successful outcome. Finance: draft 13-week cash view by Friday.

Chesapeake Utilities Corporation (CPK) - Canvas Business Model: Channels

You're looking at how Chesapeake Utilities Corporation moves its product to the customer, and it's a mix of fixed assets and mobile solutions, honestly. The physical delivery backbone is substantial.

Physical pipeline and electric distribution network to end-users

• As of the end of 2022, the combined total miles of assets across natural gas distribution, natural gas transmission, and electric business units stood at 6,647 miles.
• The natural gas distribution component included 2,012 miles for Delmarva Natural Gas and 3,043 miles for CFG and FPU (natural gas pipelines).
• The FCG acquisition in 2023 more than doubled operations in Florida, adding significant regulated distribution miles to this base.
• For 2025, Chesapeake Utilities Corporation increased its projected capital expenditure guidance range to $375 million to $425 million, reinforcing this physical network.

Propane delivery trucks and storage facilities along the Eastern seaboard

Sharp Energy, the propane distribution arm, covers Pennsylvania, Maryland, Delaware, Virginia, North Carolina, South Carolina, and Florida. They recently expanded in North Carolina by acquiring assets that added approximately 3,000 customers and distribution of about 800,000 gallons of propane annually. That specific acquisition also brought in a bulk plant with 60,000 gallons of propane storage. To give you a sense of the segment's scale, as of December 31, 2022, the Unregulated Energy Segment held propane storage capacity of 8.7 million gallons.

Here's a quick look at some of the key infrastructure numbers we see across the regulated and unregulated segments:

Asset Type / Metric	Value	Segment / Context
Total Miles of Assets (as of 12/31/2022)	6,647 miles	Regulated Gas Distribution, Transmission, and Electric Distribution
Aspire Energy Natural Gas Pipelines (as of 12/31/2022)	2,800 miles	Unregulated Energy Transmission and gathering
Propane Storage Capacity (as of 12/31/2022)	8.7 million gallons	Unregulated Energy Segment
2025 Capital Expenditure Guidance (Range)	$375 million to $425 million	Company-wide investment

Marlin Gas Services virtual pipeline transport for off-grid delivery

Marlin Gas Services uses its fleet of CNG steel tube trailers to bring natural gas where pipelines can't go. Their jumbo steel tube trailers can be filled up to approximately 3,000 psi. The usable capacity is typically around 140 MCF (thousand cubic feet) of natural gas per trailer, though they are adding composite trailers for greater volume. Marlin serves a wide geographic area, including New York, Kentucky, West Virginia, Virginia, Maryland, Delaware, Missouri, Tennessee, North Carolina, South Carolina, Georgia, Alabama, Mississippi, Louisiana, and Florida.

Aspire Energy's 2,300+ miles of gathering and transmission lines in Ohio

In Ohio, Aspire Energy is a major player in midstream services. They operate an extensive network spanning across 40 of Ohio's 88 counties. Aspire Energy operates over 2,300 miles of gathering and intrastate pipelines in Ohio, and they continue to upgrade and expand this system. For instance, a recent project involved building a 5,500-foot gathering pipeline built to transmission specifications to support a new gas processing facility.

Chesapeake Utilities Corporation (CPK) - Canvas Business Model: Customer Segments

You're looking at the specific groups Chesapeake Utilities Corporation serves across its regulated and unregulated businesses as of late 2025. This company doesn't just serve one type of energy user; it's spread across gas, electric, and propane.

The customer base is segmented by the nature of the service and the regulatory environment they operate in. For the regulated side, growth in the number of customers is a key metric driving rate base expansion.

• Regulated Residential Customers in Delmarva and Florida: The Delmarva Peninsula saw residential customer growth of approximately 4.3% for the nine months ended September 30, 2025. For the same period, Florida Public Utilities Company added residential customers at a rate of approximately 3.9%, while Florida City Gas added them at approximately 2.1%.
• Commercial and Industrial (C&I) customers requiring firm energy supply: These customers are served across the regulated gas distribution territories. For the nine months ending September 30, 2025, the Adjusted Gross Margin contribution from C&I customer growth in Florida was $1.7 million.
• Unregulated Propane Customers across the Eastern seaboard: This segment competes on price and service, aiming to capture market share. In the first quarter of 2025, increased propane customer consumption alone contributed $4.2 million to the Adjusted Gross Margin quarter-over-quarter.
• Midstream/Utility Customers (LDCs, Co-ops) using Aspire Energy services: Aspire Energy, operating in Ohio, provides natural gas supplies to local gas cooperatives and local distribution systems (LDCs). Aspire Energy manages Consumers Gas Cooperative, which serves over 10,000 members in Orrville, Ohio.
• Vehicle fleets and industrial users of CNG/RNG/LNG transport services: This falls under the Unregulated Energy segment's CNG/RNG/LNG Transportation and Infrastructure. The increased level of virtual pipeline services contributed $3.6 million to the Adjusted Gross Margin in the first quarter of 2025 compared to the prior year's quarter.

Here's a quick look at how the customer growth translated into margin dollars for the first nine months of 2025, which really shows where the volume is coming from:

Customer Type/Area	9 Months Ended Sept 30, 2025 Adjusted Gross Margin Contribution (in millions)
Residential - Delmarva Peninsula	$1.2
Residential - Florida (FPU & FCG)	$2.4
Commercial and Industrial - Florida	$1.7
Total Customer Growth Margin	$5.3

The total Adjusted Gross Margin from customer growth across these key regulated areas for the nine months ending September 30, 2025, totaled approximately $5.3 million. What this estimate hides is the margin from the Unregulated segments, which is reported separately, but we know the propane side saw strong consumption growth early in the year.

The company's overall strategy involves expanding its regulated footprint, which is directly tied to serving more residential and C&I customers through infrastructure programs. For instance, the Regulated Energy segment saw its Adjusted Gross Margin grow by 12% year-over-year in Q3 2025.

The regulated electric distribution business in Florida also serves customers, where permanent rates are now in effect for electric jurisdictions, driving an estimated $13.1 million of margin in 2025.

Finance: draft 13-week cash view by Friday.

Chesapeake Utilities Corporation (CPK) - Canvas Business Model: Cost Structure

The Cost Structure for Chesapeake Utilities Corporation centers heavily on capital deployment for growth and the ongoing procurement and operational costs associated with energy delivery.

High capital expenditures for infrastructure growth are a major cost driver. Chesapeake Utilities Corporation increased its 2025 capital expenditure guidance to a range of $425 million to $450 million. This level of investment supports the company's strategy, with $336 million already invested in the first nine months of 2025.

Cost of sales (natural gas and propane procurement) is a direct variable cost. The calculation for Adjusted Gross Margin explicitly deducts the purchased cost of natural gas, propane, and electricity. For instance, in the second quarter of 2025, the Cost of Sales (Natural gas, propane and electric costs) was reported as ($105.6) million. In the first quarter of 2025, the Cost of Sales for natural gas, propane and electric costs was ($71.5) million.

The company manages a large asset base, leading to significant depreciation and amortization charges. For the three months ended September 30, 2025, Depreciation, amortization and property taxes totaled $32.7 million. This compares to $22.5 million for the first quarter of 2025.

Operating expenses are managed relative to the revenue generated. For the third quarter of 2025, operational expenses represented 34% of adjusted gross margin, an improvement from 37% in the prior year quarter. Other operating expenses for Q3 2025 were $59.3 million.

Financing the asset base involves interest expense on long-term debt. Chesapeake Utilities Corporation completed a $200 million issuance of new long-term unsecured senior notes with a blended coupon rate of 5.04%. As of September 30, 2025, Long-term debt, net of current maturities, stood at $1,437.9 million. The reported Interest Expense on Debt for the fiscal quarter ending in June of 2025 was $17.8 million.

Here are key cost-related financial figures from recent periods:

Cost Component	Period/Context	Amount
Capital Expenditure Guidance (2025)	Full Year 2025	$425 million to $450 million
Cost of Sales (Natural Gas, Propane, Electric)	Q2 2025	($105.6) million
Cost of Sales (Natural Gas, Propane, Electric)	Q1 2025	($71.5) million
Depreciation, Amortization and Property Taxes	Q3 2025	$32.7 million
Operating Expenses as % of Adjusted Gross Margin	Q3 2025	34%
Other Operating Expenses	Q3 2025	$59.3 million
Interest Expense on Debt	Q2 2025	$17.8 million
Long-term Debt, net of current maturities	September 30, 2025	$1,437.9 million

The company's capital spending is supported by financing activities, including the issuance of $92.0 million of equity over the last twelve months.

You should review the impact of the FCG Depreciation Study, as its successful outcome is a condition for reaffirming the full-year 2025 Adjusted EPS guidance.

Finance: draft 13-week cash view by Friday.

Chesapeake Utilities Corporation (CPK) - Canvas Business Model: Revenue Streams

You're looking at the top-line picture for Chesapeake Utilities Corporation (CPK) as of late 2025, focusing strictly on where the money comes in. The business model is built on a foundation of regulated utility income, supplemented by growth-oriented unregulated energy services.

The Total Trailing Twelve Months (TTM) Revenue as of September 30, 2025, stands at approximately $886.15 Million USD. This represents a year-over-year growth of about 15% compared to the TTM ending September 30, 2024. For the full fiscal year 2024, the annual revenue was $787.20 Million USD.

The revenue streams are clearly segmented between the stable, rate-regulated side and the higher-growth, unregulated energy services. Here's a breakdown of the components that make up that top line:

• Regulated natural gas and electric distribution tariffs provide the stable, predictable base.
• Unregulated propane sales and service fees offer a non-utility revenue component.
• Natural gas transmission and midstream services, primarily through Aspire Energy Express, support the Ohio market.
• Virtual pipeline transportation and RNG sales, driven by Marlin Gas Services, focus on mobile CNG and renewable natural gas solutions.

To give you a clearer picture of the known components, particularly from the regulated side where we have some concrete 2024 data for the pipeline subsidiaries (Eastern Shore and Peninsula Pipeline), we can look at the operating revenues reported for the year ended December 31, 2024 (in millions of USD):

Revenue Source (2024 Operating Revenue)	Amount (Millions USD)	Percentage of Total Pipeline Revenue Shown
Local distribution companies - affiliated	$35.2	43%
Local distribution companies - non-affiliated	$22.3	27%
Commercial and industrial - non-affiliated	$23.9	29%
Other	$0.3	1%
Total Pipeline Operating Revenues (Proxy)	$81.7	100%

The core regulated revenue comes from the local distribution companies (LDCs) like Florida City Gas and Delmarva Natural Gas, which are subject to regulatory oversight. For example, the Maryland natural gas distribution businesses filed for rate relief in January 2024 seeking approval for a 11.5 percent Return on Equity (ROE) on permanent rate relief of approximately $6.9 million. This regulatory framework is what underpins the stability you noted.

The unregulated segments are positioned for growth. Aspire Energy Express, the intrastate pipeline subsidiary in Ohio, connects major pipelines to power generation, like the 1,875 MW Guernsey Power Station. Marlin Gas Services, acquired in 2018, focuses on mobile CNG and virtual pipeline solutions, including RNG transport, which aligns with the company's renewable energy investments.

Here are the key revenue drivers across the segments:

• Regulated LDC revenue is tied to approved tariffs and customer growth in Florida, Delaware, and Maryland.
• Propane distribution revenue is recognized based on consumption for metered customers or point-of-delivery for bulk sales.
• Aspire Energy Express revenue is supported by firm transportation capacity contracts.
• Marlin Gas Services revenue is derived from the compression of natural gas and utilization of its mobile CNG equipment.

Finance: draft 13-week cash view by Friday.