Chesapeake Utilities Corporation (CPK): Business Model Canvas [Dec-2025 Updated]

You're looking to really understand how Chesapeake Utilities Corporation (CPK) makes its money heading into late 2025, and honestly, it's a tale of two businesses. We see the bedrock: reliable, regulated gas and electric service, but the real story is the aggressive pivot into higher-margin, unregulated growth, funding $425M-$450M in 2025 capital projects across mobile RNG transport and new acquisitions like Florida City Gas. This dual engine, which saw TTM Revenue hit about $0.88 Billion, is what separates them from a pure-play utility, so dive below to see exactly how their Key Resources and Channels support this strategy.

Chesapeake Utilities Corporation (CPK) - Canvas Business Model: Key Partnerships

Chesapeake Utilities Corporation relies on several critical external relationships to execute its regulated and unregulated business strategies, ensuring capital deployment, regulatory compliance, and resource acquisition.

State Public Service Commissions for rate case approvals represent a foundational partnership for the Regulated Energy segment. These commissions dictate the revenue environment for core utility operations. For instance, the Delaware Public Service Commission (PSC) approved a settlement on June 18, 2025, for Chesapeake Utilities Corporation's natural gas base rate case, which was the first such request in nine years. This settlement resulted in a final authorized revenue increase of $6.1 million, significantly reduced from the initial request of $12.1 million, leading to rate increases of 6% for residential heating customers and 6.5% for non-heating customers. Separately, the Florida PSC is key, as the company's full-year 2025 Adjusted EPS guidance of $6.15 to $6.35 per share is contingent upon a successful outcome of the Florida City Gas (FCG) depreciation study proceeding.

Financing the growth strategy requires strong relationships with financial institutions for debt issuance. Chesapeake Utilities Corporation executed a Note Purchase Agreement for an aggregate principal amount of $200 million in unsecured senior notes in August 2025, with a blended coupon rate of 5.04%. This capital raise was structured across three series: $60 million at 4.88% due in 2028, $90 million at 5.16% due in 2031, and $50 million at 5.02% due in 2030. Furthermore, the company extended the maturity date of its $250 million 364-Day Revolver to August 4, 2026.

The Unregulated Energy segment, particularly in renewables, depends on strategic sourcing from RNG feedstock suppliers. A prime example is the partnership with Full Circle Dairy in Madison County, Florida, for a dairy manure renewable natural gas (RNG) facility. This facility, built by subsidiary FPU Renewables LLC, represents a capital investment of $22 million and is designed to produce an average of 100,000 average dekatherms of RNG annually, capturing over 1,100 metric tons of methane per year. The first injections of pipeline-quality RNG occurred in June 2024.

The increased investment in infrastructure is facilitated by relationships with equipment and construction vendors. Chesapeake Utilities Corporation increased its 2025 capital expenditure guidance to a range of $425 million to $450 million. This increase was partly driven by specific projects: approximately $15 million related to the multi-year Enterprise Resource Planning (ERP) process and $10 million for Eastern Shore natural gas improvements. The overall strategic investment plan through 2028 targets a total CapEx between $1.5 billion and $1.8 billion.

The Aspire Energy subsidiary builds its business model around serving other energy providers, making partnerships with local distribution companies (LDCs) and cooperatives essential. Aspire Energy supplies natural gas to various LDCs and cooperatives, including the member-owned Consumers Gas Cooperative in Ohio. Aspire Energy operates over 2,300 miles of pipelines across 40 counties in Ohio, providing gathering, processing, and compression services. A recent example of a specific project partnership is the agreement between Aspire Energy Express, LLC and American Electric Power (AEP) to construct and operate an intrastate natural gas pipeline in central Ohio, a project with an estimated capital investment of approximately $10 million.

Here's a look at the key quantitative elements of these partnerships:

The operational reliance on these external parties is further detailed by the scope of regulatory and infrastructure activities:

• Maryland PSC rate case sought permanent relief of approximately $6.9 million with a target ROE of 11.5 percent.
• Florida Electric division sought a general base rate increase of $12.6 million with a target ROE of 11.3 percent.
• Aspire Energy supplies natural gas reaching about 22,000 end-use customers via LDCs and cooperatives.
• The 5-year capital expenditure guidance through 2028 is set between $1.5 billion and $1.8 billion.
• The senior notes issuance included a tranche of $90 million with a 5.16% coupon.

You should review the impact of the December 9, 2025, Maryland PSC hearings on Purchased Gas Adjustment Charges, as that will finalize another regulatory partnership element for the year. Finance: draft 13-week cash view by Friday.

Chesapeake Utilities Corporation (CPK) - Canvas Business Model: Key Activities

You're looking at the core operational engine of Chesapeake Utilities Corporation, the things they absolutely must do well to keep the lights on and the gas flowing, especially as they integrate major growth.

A primary activity is the physical management of the existing network. As of December 31, 2024, Chesapeake Utilities Corporation operated significant mileage across its regulated gas distribution subsidiaries:

This means the total natural gas distribution main mileage alone, before accounting for the full impact of FCG integration and other 2025 projects, is well over the 2,300+ miles mentioned, totaling 9,334 miles of distribution main across these three entities. Also active is the transmission side, with Eastern Shore Natural Gas operating 517 miles of FERC-regulated interstate pipeline and Peninsula Pipeline operating 187 miles.

Next, Chesapeake Utilities Corporation is heavily focused on capital deployment to fuel future margin. For 2025, the company increased its capital expenditure guidance to a range of $425 million to $450 million for growth projects. By the end of the third quarter of 2025, they had already invested $336 million of this capital. A significant portion of this spending drives margin expected to be in service in 2026 and beyond.

Managing the regulatory environment is crucial for securing the return on that capital investment. Chesapeake Utilities Corporation actively manages regulatory rate cases to secure margin increases. For example, in Delaware, the company filed a natural gas base rate case in August 2024, initially seeking a revenue increase of $12.1 million, later raising it to $12.8 million. The Delaware Public Service Commission approved a settlement on June 18, 2025, resulting in a final approved revenue increase of $6.1 million. This settlement translated to a rate increase of 6% for residential heating customers and 6.5% for non-heating customers. Furthermore, the 2025 Adjusted EPS guidance of $6.15 to $6.35 is reaffirmed, pending a successful outcome of the Florida City Gas (FCG) excess depreciation filing.

Providing mobile fuel transport through its subsidiary, Marlin Gas Services, is another key activity. Marlin Gas Services is a premier provider of virtual pipeline solutions, offering nationwide mobile delivery of compressed natural gas (CNG), liquefied natural gas (LNG), and renewable natural gas (RNG). This service is used when pipeline supplies are unavailable or to bridge pipeline gaps for RNG producers. The company operates one of the largest fleets of CNG steel tube trailers and has two permanent CNG terminals in Delaware and Florida, plus one in Georgia. Increased demand for these services contributed to Adjusted Gross Margin growth in the third quarter of 2025.

Finally, a major ongoing activity is the integration of the Florida City Gas (FCG) acquisition, which was agreed upon for a cash purchase price of $923 million. FCG serves approximately 120,000 customers and added about 3,800 miles of distribution main to the Chesapeake Utilities system. The company actively works to integrate FCG, with adjusted financial metrics for Q3 2025 explicitly excluding transaction and transition-related expenses attributable to the FCG acquisition and integration.

Finance: draft 13-week cash view by Friday.

Chesapeake Utilities Corporation (CPK) - Canvas Business Model: Key Resources

You're looking at the core assets Chesapeake Utilities Corporation (CPK) relies on to run its business as of late 2025. These aren't just physical things; they include the financial structure and the people who navigate the regulatory landscape.

Regulated Rate Base Assets (pipelines, electric grid) in DE, MD, and FL

The regulated side is anchored by physical infrastructure across Delaware, Maryland, and Florida. You see the value of this in approved rate increases and ongoing capital deployment. For instance, the Delaware natural gas base rate case settlement, approved in June 2025, resulted in a final settlement of $6.1 million in overall annual revenue increase, a significant reduction from the initial request. Regulatory assets stood at $23.9 million at the end of 2024. The company is actively investing to grow this base, increasing its 2025 capital guidance to a range of $425 million to $450 million. These investments are expected to pay off, with major transmission capital projects forecast to contribute approximately $23 million of gross margin in 2025.

Key regulated infrastructure metrics include:

• 2025 Capital Guidance Range: $425 million-$450 million
• Transmission Project Gross Margin Forecast for 2025: $23 million
• Total 5-Year Capital Plan (through 2028): $1.5 billion to $1.8 billion
• Annual Revenue Increase from MD Rate Case Phase II (approved April 2025): $0.9 million

Unregulated fleet of mobile CNG/RNG/LNG transport trailers

The unregulated segment, which includes mobile transport services, is a growing contributor to margin. The Q3 2025 results specifically cited incremental margin from increased Compressed Natural Gas (CNG), Renewable Natural Gas (RNG), and Liquified Natural Gas (LNG) services as a driver of adjusted gross margin growth. For context on the scale of the unregulated business, the Unregulated Energy segment reported revenue of $106.7 million in the first quarter of 2025.

Strong balance sheet supporting 50% equity capitalization target

Chesapeake Utilities Corporation has been deliberate about its capital structure. Management noted reaching the target equity capitalization of 50 percent as of Q2 2025. By the end of Q3 2025, the equity capitalization stood at 49%. This was supported by issuing $92.0 million of equity over the twelve months leading up to Q3 2025. The company is committed to this structure to finance future growth.

Balance Sheet Ratios and Activity (as of late 2025 data points):

Long-term debt capacity, including the 5.04% coupon senior notes

The company actively manages its debt capacity, using favorable rate environments to secure long-term financing. In Q3 2025, Chesapeake Utilities completed the issuance of $200 million of new long-term unsecured senior notes in the private placement debt market, achieving a blended 5.04% coupon. This debt was funded with $150 million in August 2025 and the remaining $50 million in September 2025. Long-term debt, including current maturities, was $1,287.2 million at the close of 2024.

Details of the New Senior Notes Issued in 2025:

• Total New Debt Issued: $200 million
• Blended Coupon Rate: 5.04%
• Series 2025-A Notes: $60 million at 4.88% due 2028
• Series 2025-B Notes: $90 million at 5.16% due 2031
• Series 2025-C Notes: $50 million at 5.02% due 2030

The company also maintains strong liquidity, with availability of 87% of its total capacity of $755 million between its revolving credit facility and private placement shelf as of Q3 2025.

Specialized technical and regulatory compliance personnel

The ability to execute on growth and manage the regulated environment is heavily dependent on specialized staff. Regulatory success is a key resource, evidenced by finalizing multiple positive regulatory filings. For example, regulatory updates confirmed final orders for rate cases in Maryland, Delaware, and Florida, which collectively totaled $18.2 million in annual revenue increases. The successful integration of Florida City Gas (FCG) also points to the capability of the technical and integration teams. The company is awaiting a final order on the FCG depreciation study, which is expected in Q4 2025.

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:

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:

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:

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:

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:

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):

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.