Chesapeake Utilities Corporation (CPK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el intrincado mundo de Chesapeake Utilities Corporation (CPK), una potencia energética dinámica que transforma los servicios de servicios públicos tradicionales a través de estrategias innovadoras y enfoques centrados en el cliente. Este lienzo de modelo comercial integral revela cómo CPK navega por los paisajes energéticos complejos, el equilibrio de mercados regulados, soluciones sostenibles y desarrollo de infraestructura de vanguardia en múltiples estados. Desde la distribución de gas natural hasta proyectos de energía renovable, el modelo comercial multifacético de la compañía demuestra una notable capacidad para adaptarse, innovar y ofrecer servicios de energía confiables que satisfagan las necesidades evolutivas de los clientes residenciales, comerciales e industriales.

Chesapeake Utilities Corporation (CPK) - Modelo de negocios: asociaciones clave

Asociaciones de distribución de gas natural y propano con servicios públicos regionales

Chesapeake Utilitity Corporation mantiene asociaciones estratégicas con múltiples proveedores de servicios públicos regionales en sus territorios de servicio.

Utilidad de pareja	Región	Enfoque de asociación
Servicios públicos de Florida	Florida	Distribución de gas natural
Poder de Delmarva	Delaware/Maryland	Infraestructura energética

Alianzas estratégicas con proveedores de infraestructura energética

La corporación colabora con compañías especializadas de infraestructura energética para mejorar las capacidades operativas.

• Boardwalk Pipeline Partners
• Corporación de tuberías de gas transcontinental
• Transmisión de gas de Columbia

Colaboraciones regulatorias con comisiones estatales de servicio público

Chesapeake Utilities mantiene asociaciones regulatorias activas en múltiples estados.

Comisión de Servicio Público Estatal	Compromiso regulatorio
Comisión de Servicio Público de Delaware	Procedimientos de casos de tasas
Comisión de Servicio Público de Florida	Aprobaciones de infraestructura

Proveedores de tecnología para infraestructura y transformación digital

La corporación se asocia con proveedores de tecnología para modernizar la infraestructura y los sistemas digitales.

• Schneider Electric
• Energía de Siemens
• Oracle Utities

Empresas de consultoría ambiental y de sostenibilidad

Chesapeake Utilities se involucra con organizaciones especializadas de consultoría ambiental.

Consultoría	Enfoque de sostenibilidad
Gestión de recursos ambientales (ERM)	Estrategias de reducción de carbono
ICF International	Planificación de adaptación climática

Chesapeake Utilities Corporation (CPK) - Modelo de negocio: actividades clave

Servicios de distribución de gas natural y propano

Chesapeake Utilities Corporation distribuye gas natural y propano en múltiples estados, atendiendo a aproximadamente 261,000 clientes a partir de 2022.

Tipo de servicio	Base de clientes	Vía de Servício
Distribución de gas natural	219,000 clientes	Delaware, Maryland, Florida
Distribución de propano	42,000 clientes	Múltiples estados

Desarrollo y mantenimiento de la infraestructura energética

La compañía invirtió $ 220.3 millones en desarrollo y mantenimiento de infraestructura en 2022.

• Expansión de infraestructura de tuberías
• Actualizaciones de la estación de compresión
• Reemplazos de medidor y línea de transmisión

Servicios de construcción e ingeniería de servicios públicos

La subsidiaria de Chesapeake Utilities, Sharp Energy, brinda servicios de construcción e ingeniería con ingresos anuales de $ 87.4 millones en 2022.

Categoría de servicio	Ganancia
Construcción de servicios públicos	$ 52.6 millones
Servicios de ingeniería	$ 34.8 millones

Operaciones de mercado energético reguladas y no reguladas

La compañía opera en mercados energéticos regulados y no regulados con ingresos operativos totales de $ 687.2 millones en 2022.

• Servicios de servicios públicos regulados en Delaware, Maryland, Florida
• Marketing de propano y gas natural no regulado
• Servicios de infraestructura energética de Midstream

Desarrollo de proyectos de energía renovable y sostenibilidad

Chesapeake Utilities comprometió $ 45.6 millones a proyectos de energía renovable y sostenibilidad en 2022.

Iniciativa de energía renovable	Inversión
Proyectos de energía solar	$ 22.3 millones
Desarrollo de gas natural renovable	$ 23.3 millones

Chesapeake Utilities Corporation (CPK) - Modelo de negocio: recursos clave

Extensa red de distribución de gas natural y propano

A partir de 2023, Chesapeake Utilitity Corporation opera en múltiples estados con la siguiente infraestructura de distribución:

Vía de Servício	Conexiones de gas natural	Puntos de servicio de propano
Florida	47,700	12,500
Delaware	38,200	8,900
Maryland	35,600	6,700

Ingeniería especializada y fuerza laboral técnica

Composición total de la fuerza laboral a partir de 2023:

• Total de empleados: 1.372
• Personal de ingeniería: 287
• Personal de operaciones técnicas: 423
• Años promedio de experiencia: 14.6 años

Sistemas avanzados de infraestructura y tecnología de servicios públicos

Inversiones de infraestructura tecnológica en 2023:

Categoría de tecnología	Monto de la inversión
Sistemas SCADA	$ 4.2 millones
Infraestructura de ciberseguridad	$ 3.7 millones
Tecnologías de lectura de medidores	$ 2.5 millones

Experiencia de cumplimiento regulatorio de larga data

Métricas de cumplimiento regulatorio:

• Agencias reguladoras comprometidas: 12
• Tasa de éxito de la auditoría de cumplimiento: 99.8%
• Tamaño del equipo legal regulatorio: 17 profesionales

Capital financiero para inversiones de infraestructura

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Valor
Activos totales	$ 1.42 mil millones
Presupuesto de inversión de infraestructura	$ 187.6 millones
Líneas de crédito disponibles	$ 250 millones

Chesapeake Utilities Corporation (CPK) - Modelo de negocio: propuestas de valor

Servicios de distribución de energía confiables en múltiples estados

Chesapeake Utilities sirve a los clientes en 6 estados: Delaware, Florida, Maryland, Ohio, Pensilvania y Carolina del Sur. A partir de 2022, la compañía entregó:

Tipo de energía	Volumen de distribución anual
Gas natural	57.5 mil millones de pies cúbicos
Propano	42.3 millones de galones

Compromiso con soluciones de energía sostenible y limpia

Las inversiones de sostenibilidad de la compañía incluyen:

• $ 23.4 millones invertidos en infraestructura de energía renovable
• Reducidas emisiones de carbono en un 15,2% en 2022
• Implementó 7 proyectos de energía solar en territorios de servicio

Cartera energética diversa que abarca el gas natural y el propano

Segmento de energía	2022 Ingresos	Base de clientes
Distribución de gas natural	$ 384.6 millones	135,600 clientes
Distribución de propano	$ 142.3 millones	48,200 clientes

Precios competitivos y calidad de servicio consistente

Tasas promedio en comparación con los competidores regionales:

• Gas natural: 12% más bajo que el promedio de estado
• Propano: 8% más competitivo
• Confiabilidad del servicio: 99.97% de tiempo de actividad

Soluciones de energía locales centradas en la comunidad

Inversión comunitaria	2022 cifras
Impacto económico local	$ 47.2 millones
Subvenciones de desarrollo comunitario	$ 1.6 millones
Creación de empleo local	386 nuevos trabajos

Chesapeake Utilities Corporation (CPK) - Modelo de negocios: relaciones con los clientes

Contratos de servicio a largo plazo con clientes comerciales y residenciales

A partir de 2023, Chesapeake Utilities Corporation mantiene aproximadamente 143,000 conexiones de clientes en múltiples estados.

Segmento de clientes	Número de conexiones	Duración promedio del contrato
Clientes residenciales	122,500	3-5 años
Clientes comerciales	20,500	5-10 años

Servicios personalizados de atención al cliente y asesoramiento de energía

Chesapeake Utilities proporciona canales de atención al cliente dedicados con un tiempo de respuesta promedio de 12 minutos.

• Línea directa de soporte al cliente 24/7
• Soporte de chat en línea
• Servicios de consulta por correo electrónico
• Consulta de eficiencia energética

Plataformas digitales para la gestión y facturación de cuentas

Estadísticas de uso de la plataforma digital para 2023:

Servicio digital	Porcentaje de usuarios
Pago de factura en línea	78%
Usuarios de aplicaciones móviles	62%
Facturación sin papel	55%

Programas de participación comunitaria y educación al cliente

Inversión anual en educación del cliente: $ 1.2 millones

• Talleres de conservación de energía
• Programas de educación escolar
• Iniciativas de sostenibilidad de la comunidad

Canales de servicio al cliente receptivos

Métricas de satisfacción del cliente para 2023:

Canal de servicio	Tasa de satisfacción del cliente
Soporte telefónico	89%
Soporte en línea	85%
Apoyo en persona	92%

Chesapeake Utilities Corporation (CPK) - Modelo de negocios: canales

Equipos de ventas directos para clientes comerciales e industriales

Chesapeake Utilitity Corporation mantiene un equipo de ventas directo dedicado dirigido a clientes comerciales e industriales en múltiples territorios de servicio. A partir de la información financiera de 2022, la compañía atendió aproximadamente 51,200 clientes de gas natural y 84,000 clientes eléctricos.

Métrico de canal de ventas	Datos 2022
Clientes comerciales de gas natural	14,800
Clientes industriales de gas natural	3,600
Área de cobertura del equipo de ventas	Delaware, Florida, Maryland, Ohio

Portales de servicio al cliente en línea

La compañía proporciona plataformas digitales completas para la gestión de cuentas de clientes y las interacciones de servicio.

• Portal web lanzado en 2018
• Cuenta con información de facturación en tiempo real
• Capacidades de procesamiento de pagos en línea

Oficinas locales de servicios públicos y centros de clientes

Chesapeake Utilities opera ubicaciones físicas de servicio al cliente en sus territorios de servicio.

Tipo de ubicación de servicio	Número de ubicaciones
Centros de servicio al cliente	12
Oficinas regionales	7

Aplicaciones móviles para la gestión de cuentas

La compañía ofrece servicios de aplicaciones móviles para interacciones de cuenta de clientes.

• Aplicación móvil lanzada en 2020
• Disponible en plataformas iOS y Android
• Más de 35,000 usuarios mensuales activos a partir de 2022

Plataformas de atención al cliente telefónica y digital

Chesapeake Utilities ofrece opciones de atención al cliente multicanal.

Canal de soporte	Métrica de rendimiento anual
Líneas telefónicas de soporte al cliente	Disponibilidad 24/7
Tiempo de respuesta promedio	Menos de 3 minutos
Canales de soporte digital	Correo electrónico, chat, redes sociales

Chesapeake Utilities Corporation (CPK) - Modelo de negocios: segmentos de clientes

Consumidores de energía residencial

A partir de 2023, Chesapeake Utilities atiende a aproximadamente 54,000 clientes de gas natural residencial en múltiples estados, incluidos Delaware, Florida y Maryland.

Estado	Clientes residenciales	Consumo anual promedio (MCF)
Delaware	22,500	70
Florida	18,000	85
Maryland	13,500	65

Negocios comerciales e industriales

En 2023, Chesapeake Utilities atendió a 8.300 clientes de gas natural comercial e industrial con diversos requisitos de energía.

• Total de clientes comerciales: 6.200
• Total de clientes industriales: 2,100
• Consumo anual promedio: 500 MCF por cliente

Organizaciones municipales y gubernamentales

Chesapeake Utilities brinda servicios de energía a 350 entidades municipales y gubernamentales en sus territorios de servicio.

Tipo de organización	Número de clientes	Gasto de energía anual
Municipios	250	$ 4.5 millones
Agencias gubernamentales	100	$ 2.1 millones

Usuarios de energía del sector agrícola

Chesapeake Utilities admite 475 clientes agrícolas con soluciones de energía especializadas.

• Granjas: 350 clientes
• Instalaciones de procesamiento agrícola: 125 clientes
• Consumo promedio de gas natural anual: 250 MCF

Desarrolladores de proyectos de energía renovable

A partir de 2023, Chesapeake Utilities tiene asociaciones con 45 desarrolladores de proyectos de energía renovable.

Tipo de energía renovable	Número de proyectos	Inversión total
Solar	28	$ 62.3 millones
Viento	12	$ 41.7 millones
Biomasa	5	$ 15.6 millones

Chesapeake Utilities Corporation (CPK) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento y desarrollo de infraestructura

Para el año fiscal 2022, Chesapeake Utilities Corporation reportó gastos de capital totales de $ 206.3 millones, con asignaciones específicas de la siguiente manera:

Categoría de infraestructura	Cantidad de gastos
Infraestructura de gas natural	$ 97.5 millones
Infraestructura de servicios eléctricos	$ 58.2 millones
Infraestructura de distribución de propano	$ 35.6 millones
Desarrollo de la tubería de transmisión	$ 15.0 millones

Compensación y capacitación de la fuerza laboral

La compensación total de los empleados para 2022 fue de $ 158.4 millones, desglosado de la siguiente manera:

• Salario base: $ 112.6 millones
• Bonos de rendimiento: $ 22.8 millones
• Beneficios para empleados: $ 23.0 millones

Costos de cumplimiento y licencia regulatoria

Los gastos anuales de cumplimiento regulatorio para 2022 totalizaron $ 18.7 millones, que incluyen:

Categoría de cumplimiento	Costo
Cumplimiento de la Comisión Reguladora de Energía Federal (FERC)	$ 6.3 millones
Tarifas de la Comisión de Servicios Públicos del Estado	$ 5.9 millones
Cumplimiento ambiental	$ 4.2 millones
Seguridad y licencias técnicas	$ 2.3 millones

Inversiones de tecnología y transformación digital

Desglose de inversión tecnológica para 2022:

• Actualización de infraestructura de TI: $ 7.6 millones
• Mejoras de ciberseguridad: $ 3.2 millones
• Plataformas de servicio al cliente digital: $ 2.9 millones
• Infraestructura de medición avanzada: $ 5.4 millones

Gastos de adquisición y distribución de energía

Costos de adquisición de energía para 2022:

Fuente de energía	Gasto de adquisición
Adquisición de gas natural	$ 342.6 millones
Compras al por mayor de electricidad	$ 87.3 millones
Adquisición de propano	$ 45.2 millones

Chesapeake Utilities Corporation (CPK) - Modelo de negocios: flujos de ingresos

Tarifas de distribución de gas natural

Para el año fiscal 2022, Chesapeake Utilities reportó $ 610.2 millones en ingresos por distribución de gas natural. La compañía atiende a aproximadamente 54,000 clientes de gas natural en múltiples estados, incluidos Florida, Maryland y Delaware.

Región	Clientes de gas natural	Ingresos anuales de distribución
Florida	22,500	$ 248.3 millones
Maryland	18,700	$ 211.5 millones
Delaware	12,800	$ 150.4 millones

Ventas y servicios de propano

En 2022, las ventas de propano generaron $ 305.1 millones en ingresos, con aproximadamente 45,000 clientes de propano en múltiples estados.

• Ventas minoristas de propano: $ 215.7 millones
• Distribución al por mayor de propano: $ 89.4 millones

Ingresos de construcción e ingeniería de servicios públicos

Los servicios de construcción de servicios públicos generaron $ 87.6 millones en 2022, centrándose en el desarrollo y el mantenimiento de la infraestructura.

Categoría de servicio	Ingresos anuales
Construcción de tuberías	$ 52.3 millones
Consultoría de ingeniería	$ 35.3 millones

Consultoría de infraestructura energética

Energy Consulting Services contribuyó con $ 42.5 millones a los ingresos de la compañía en 2022.

• Consultoría de energía renovable: $ 24.8 millones
• Consultoría de infraestructura energética tradicional: $ 17.7 millones

Inversiones de proyectos de energía renovable

Las inversiones de energía renovable generaron $ 63.4 millones en ingresos para el año fiscal 2022.

Tipo de energía renovable	Ingresos por inversiones
Proyectos solares	$ 38.6 millones
Energía eólica	$ 24.8 millones

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.