Chesapeake Utilities Corporation (CPK): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Chesapeake Utilities Corporation (CPK), une centrale énergétique dynamique qui transforme les services de services publics traditionnels par des stratégies innovantes et des approches centrées sur le client. Cette toile complète du modèle commercial révèle comment CPK navigue dans des paysages énergétiques complexes, équilibrant les marchés réglementés, les solutions durables et le développement des infrastructures de pointe dans plusieurs États. De la distribution du gaz naturel aux projets d'énergie renouvelable, le modèle commercial multiforme de la société démontre une capacité remarquable d'adapter, d'innover et de fournir des services énergétiques fiables qui répondent aux besoins en évolution des clients résidentiels, commerciaux et industriels.

Chesapeake Utilities Corporation (CPK) - Modèle d'entreprise: partenariats clés

Partenariats de distribution de gaz naturel et de propane avec les services publics régionaux

Chesapeake Utilities Corporation entretient des partenariats stratégiques avec plusieurs fournisseurs de services publics régionaux dans ses territoires de service.

Utilité des partenaires	Région	Focus de partenariat
Services publics de Floride	Floride	Répartition du gaz naturel
Power Delmarva	Delaware / Maryland	Infrastructure énergétique

Alliances stratégiques avec les fournisseurs d'infrastructures énergétiques

La société collabore avec des sociétés d'infrastructures énergétiques spécialisées pour améliorer les capacités opérationnelles.

• Boardwalk Pipeline Partners
• TRANSCONTINENTAL GAS PIPE LINE CORPORATION
• Columbia Gas Transmission

Collaborations réglementaires avec les commissions de la fonction publique de l'État

Chesapeake Utilities maintient des partenariats réglementaires actifs dans plusieurs États.

Commission de la fonction publique de l'État	Engagement réglementaire
Commission de la fonction publique du Delaware	Tariser la procédure
Commission de la fonction publique de Floride	Approbations des infrastructures

Vendeurs technologiques pour l'infrastructure et la transformation numérique

La société s'associe aux fournisseurs de technologies pour moderniser les infrastructures et les systèmes numériques.

• Schneider Electric
• Siemens Energy
• Oracle Utilities

Cabinets de conseil en environnement et en durabilité

Chesapeake Utilities s'engage avec des organisations de conseil en environnement spécialisées.

Cabinet de conseil	Focus sur la durabilité
Gestion des ressources environnementales (ERM)	Stratégies de réduction du carbone
ICF International	Planification d'adaptation climatique

Chesapeake Utilities Corporation (CPK) - Modèle d'entreprise: activités clés

Services de distribution de gaz naturel et de propane

Chesapeake Utilities Corporation distribue du gaz naturel et du propane dans plusieurs États, desservant environ 261 000 clients à partir de 2022.

Type de service	Clientèle	Aire de service
Répartition du gaz naturel	219 000 clients	Delaware, Maryland, Floride
Distribution de propane	42 000 clients	Plusieurs États

Développement et maintenance des infrastructures énergétiques

La société a investi 220,3 millions de dollars dans le développement et la maintenance des infrastructures en 2022.

• Expansion des infrastructures de pipeline
• Mises à niveau de la station de compression
• Remplacements de la ligne du compteur et de la transmission

Services de construction et d'ingénierie des services publics

La filiale de Chesapeake Utilities Sharp Energy fournit aux services de construction et d'ingénierie des revenus annuels de 87,4 millions de dollars en 2022.

Catégorie de service	Revenu
Construction de services publics	52,6 millions de dollars
Services d'ingénierie	34,8 millions de dollars

Opérations du marché de l'énergie réglementées et non réglementées

La société opère à la fois sur des marchés énergétiques réglementés et non réglementés avec des revenus d'exploitation totaux de 687,2 millions de dollars en 2022.

• Services de services publics réglementés au Delaware, Maryland, en Floride
• Marketing non réglementé au propane et au gaz naturel
• Services d'infrastructure énergétique au milieu

Développement de projets d'énergie renouvelable et de durabilité

Chesapeake Utilities a engagé 45,6 millions de dollars dans des projets d'énergie renouvelable et de durabilité en 2022.

Initiative d'énergie renouvelable	Investissement
Projets d'énergie solaire	22,3 millions de dollars
Développement du gaz naturel renouvelable	23,3 millions de dollars

Chesapeake Utilities Corporation (CPK) - Modèle d'entreprise: Ressources clés

Réseau de distribution de gaz naturel et de propane

En 2023, Chesapeake Utilities Corporation opère dans plusieurs États avec les infrastructures de distribution suivantes:

Aire de service	Connexions de gaz naturel	Points de service au propane
Floride	47,700	12,500
Delaware	38,200	8,900
Maryland	35,600	6,700

Ingénierie qualifiée et main-d'œuvre technique

Composition totale de la main-d'œuvre en 2023:

• Total des employés: 1 372
• Personnel d'ingénierie: 287
• Personnel des opérations techniques: 423
• Années moyennes d'expérience: 14,6 ans

Infrastructures et systèmes technologiques avancés

Investissements infrastructures technologiques en 2023:

Catégorie de technologie	Montant d'investissement
Systèmes SCADA	4,2 millions de dollars
Infrastructure de cybersécurité	3,7 millions de dollars
Technologies de lecture des compteurs	2,5 millions de dollars

Expertise de la conformité réglementaire de longue date

Métriques de la conformité réglementaire:

• Agences de réglementation engagées: 12
• Taux de réussite de l'audit de la conformité: 99,8%
• Taille de l'équipe juridique réglementaire: 17 professionnels

Capital financier pour les investissements des infrastructures

Ressources financières au quatrième trimestre 2023:

Métrique financière	Valeur
Actif total	1,42 milliard de dollars
Budget d'investissement des infrastructures	187,6 millions de dollars
Lignes de crédit disponibles	250 millions de dollars

Chesapeake Utilities Corporation (CPK) - Modèle d'entreprise: propositions de valeur

Services de distribution d'énergie fiables sur plusieurs états

Chesapeake Utilities sert les clients dans 6 États: Delaware, Floride, Maryland, Ohio, Pennsylvanie et Caroline du Sud. En 2022, la société a livré:

Type d'énergie	Volume de distribution annuel
Gaz naturel	57,5 milliards de pieds cubes
Propane	42,3 millions de gallons

Engagement envers des solutions d'énergie durable et propre

Les investissements en durabilité de l'entreprise comprennent:

• 23,4 millions de dollars investis dans des infrastructures d'énergie renouvelable
• Réduction des émissions de carbone de 15,2% en 2022
• Mis en œuvre 7 projets d'énergie solaire sur les territoires de service

Portefeuille d'énergie diversifié couvrant le gaz naturel et le propane

Segment d'énergie	2022 Revenus	Clientèle
Répartition du gaz naturel	384,6 millions de dollars	135 600 clients
Distribution de propane	142,3 millions de dollars	48 200 clients

Prix ​​compétitifs et qualité de service cohérente

Taux moyens par rapport aux concurrents régionaux:

• Gaz naturel: 12% inférieur à la moyenne de l'État
• Propane: 8% plus compétitif
• Fiabilité du service: 99,97% de disponibilité

Solutions énergétiques axées sur la communauté locale

Investissement communautaire	2022 chiffres
Impact économique local	47,2 millions de dollars
Subventions au développement communautaire	1,6 million de dollars
Création d'emplois locale	386 nouveaux emplois

Chesapeake Utilities Corporation (CPK) - Modèle d'entreprise: relations clients

Contrats de services à long terme avec des clients commerciaux et résidentiels

En 2023, la Chesapeake Utilities Corporation entretient environ 143 000 connexions clients sur plusieurs états.

Segment de clientèle	Nombre de connexions	Durée du contrat moyen
Clients résidentiels	122,500	3-5 ans
Clients commerciaux	20,500	5-10 ans

Soutien client et services de conseil en énergie personnalisés

Chesapeake Utilities fournit des canaux de support client dédiés avec un temps de réponse moyen de 12 minutes.

• Hotline de support client 24/7
• Assistance de chat en ligne
• Services de consultation par e-mail
• Consultation de l'efficacité énergétique

Plateformes numériques pour la gestion des comptes et la facturation

Statistiques d'utilisation de la plate-forme numérique pour 2023:

Service numérique	Pourcentage d'utilisateurs
Payage des factures en ligne	78%
Utilisateurs d'applications mobiles	62%
Facturation sans papier	55%

Programmes d'engagement communautaire et d'éducation client

Investissement annuel dans l'éducation client: 1,2 million de dollars

• Ateliers de conservation de l'énergie
• Programmes d'éducation scolaire
• Initiatives de durabilité communautaire

Canaux de service à la clientèle réactifs

Mesures de satisfaction client pour 2023:

Canal de service	Taux de satisfaction client
Support téléphonique	89%
Assistance en ligne	85%
Soutien en personne	92%

Chesapeake Utilities Corporation (CPK) - Modèle d'entreprise: canaux

Équipes de vente directe pour les clients commerciaux et industriels

Chesapeake Utilities Corporation maintient une équipe de vente directe dédiée ciblant les clients commerciaux et industriels sur plusieurs territoires de service. En 2022, la société a servi environ 51 200 clients de gaz naturel et 84 000 clients électriques.

Métrique du canal de vente	2022 données
Clients commerciaux de gaz naturel	14,800
Clients industriels au gaz naturel	3,600
Zone de couverture de l'équipe de vente	Delaware, Floride, Maryland, Ohio

Portails de service à la clientèle en ligne

La société fournit des plateformes numériques complètes pour la gestion des comptes clients et les interactions de services.

• Portail Web lancé en 2018
• Caractéristiques des informations de facturation en temps réel
• Capacités de traitement des paiements en ligne

Bureaux de services publics locaux et centres de clients

Chesapeake Utilities exploite des emplacements de service client physique sur ses territoires de service.

Type d'emplacement de service	Nombre d'emplacements
Centres de service à la clientèle	12
Bureaux régionaux	7

Applications mobiles pour la gestion des comptes

La société propose des services d'application mobile pour les interactions de compte client.

• Application mobile lancée en 2020
• Disponible sur les plateformes iOS et Android
• Plus de 35 000 utilisateurs mensuels actifs en 2022

Plateformes de support client téléphonique et numérique

Chesapeake Utilities propose des options de support client multicanal.

Canal de support	Métrique de performance annuelle
Lignes téléphoniques du support client	Disponibilité 24/7
Temps de réponse moyen	Moins de 3 minutes
Canaux de support numériques	E-mail, chat, médias sociaux

Chesapeake Utilities Corporation (CPK) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie résidentielle

En 2023, Chesapeake Utilities dessert environ 54 000 clients résidentiels de gaz naturel dans plusieurs États, dont le Delaware, la Floride et le Maryland.

État	Clients résidentiels	Consommation annuelle moyenne (MCF)
Delaware	22,500	70
Floride	18,000	85
Maryland	13,500	65

Entreprises commerciales et industrielles

En 2023, Chesapeake Utilities a servi 8 300 clients commerciaux et industriels de gaz naturel ayant des besoins énergétiques diverses.

• Clients commerciaux totaux: 6 200
• Total des clients industriels: 2 100
• Consommation annuelle moyenne: 500 MCF par client

Organisations municipales et gouvernementales

Chesapeake Utilities fournit des services énergétiques à 350 entités municipales et gouvernementales dans ses territoires de service.

Type d'organisation	Nombre de clients	Dépenses énergétiques annuelles
Municipalités	250	4,5 millions de dollars
Agences gouvernementales	100	2,1 millions de dollars

Utilisateurs d'énergie du secteur agricole

Chesapeake Utilities soutient 475 clients agricoles avec des solutions énergétiques spécialisées.

• Fermes: 350 clients
• Installations de traitement agricole: 125 clients
• Consommation annuelle moyenne de gaz naturel: 250 MCF

Développeurs de projets d'énergie renouvelable

En 2023, Chesapeake Utilities a des partenariats avec 45 développeurs de projets d'énergie renouvelable.

Type d'énergie renouvelable	Nombre de projets	Investissement total
Solaire	28	62,3 millions de dollars
Vent	12	41,7 millions de dollars
Biomasse	5	15,6 millions de dollars

Chesapeake Utilities Corporation (CPK) - Modèle d'entreprise: Structure des coûts

Dépenses de maintenance et de développement des infrastructures

Pour l'exercice 2022, la Chesapeake Utilities Corporation a déclaré des dépenses en capital totales de 206,3 millions de dollars, avec des allocations spécifiques comme suit:

Catégorie d'infrastructure	Montant des dépenses
Infrastructure de gaz naturel	97,5 millions de dollars
Infrastructure électrique	58,2 millions de dollars
Infrastructure de distribution de propane	35,6 millions de dollars
Développement du pipeline de transmission	15,0 millions de dollars

Rémunération et formation de la main-d'œuvre

La rémunération totale des employés pour 2022 était de 158,4 millions de dollars, ventilée comme suit:

• Salaire de base: 112,6 millions de dollars
• Bonus de performance: 22,8 millions de dollars
• Avantages sociaux: 23,0 millions de dollars

Coûts de conformité réglementaire et de licence

Les dépenses annuelles de conformité réglementaire pour 2022 ont totalisé 18,7 millions de dollars, notamment:

Catégorie de conformité	Coût
Compliance de la Commission de réglementation de l'énergie fédérale (FERC)	6,3 millions de dollars
Frais de commission des services publics publics	5,9 millions de dollars
Conformité environnementale	4,2 millions de dollars
Sécurité et licence technique	2,3 millions de dollars

Investissements de la technologie et de la transformation numérique

Répartition des investissements technologiques pour 2022:

• Mises à niveau des infrastructures informatiques: 7,6 millions de dollars
• Améliorations de la cybersécurité: 3,2 millions de dollars
• Plateformes de service client numérique: 2,9 millions de dollars
• Infrastructure de mesure avancée: 5,4 millions de dollars

Frais d'achat d'énergie et de distribution

Coûts d'approvisionnement en énergie pour 2022:

Source d'énergie	Dépenses d'approvisionnement
Achat de gaz naturel	342,6 millions de dollars
Achats en gros de l'électricité	87,3 millions de dollars
Acquisition de propane	45,2 millions de dollars

Chesapeake Utilities Corporation (CPK) - Modèle d'entreprise: Strots de revenus

Frais de distribution du gaz naturel

Pour l'exercice 2022, Chesapeake Utilities a déclaré 610,2 millions de dollars de revenus de distribution du gaz naturel. La société dessert environ 54 000 clients de gaz naturel dans plusieurs États, dont la Floride, le Maryland et le Delaware.

Région	Clients du gaz naturel	Revenus de distribution annuelle
Floride	22,500	248,3 millions de dollars
Maryland	18,700	211,5 millions de dollars
Delaware	12,800	150,4 millions de dollars

Ventes et services au propane

En 2022, les ventes de propane ont généré 305,1 millions de dollars de revenus, avec environ 45 000 clients de propane dans plusieurs États.

• Ventes au détail au propane: 215,7 millions de dollars
• Distribution en gros du propane: 89,4 millions de dollars

Revenus de construction et d'ingénierie des services publics

Les services de construction de services publics ont généré 87,6 millions de dollars en 2022, en se concentrant sur le développement et la maintenance des infrastructures.

Catégorie de service	Revenus annuels
Construction de pipeline	52,3 millions de dollars
Conseil en génie	35,3 millions de dollars

Conseil des infrastructures énergétiques

Les services de conseil en énergie ont contribué 42,5 millions de dollars aux revenus de l'entreprise en 2022.

• Conseil des énergies renouvelables: 24,8 millions de dollars
• Conseil traditionnel des infrastructures énergétiques: 17,7 millions de dollars

Investissements du projet d'énergie renouvelable

Les investissements en énergie renouvelable ont généré 63,4 millions de dollars de revenus pour l'exercice 2022.

Type d'énergie renouvelable	Revenus d'investissement
Projets solaires	38,6 millions de dollars
Énergie éolienne	24,8 millions de dollars

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.