Chesapeake Utilities Corporation is growing again.
The Dover-based company announced Thursday that its wholly-owned subsidiary, Peninsula Energy Services has acquired the assets of ARM Energy Management, a natural gas marketing company servicing commercial and industrial customers in Western Pennsylvania.
Peninsula is the company’s non-regulated energy marketing business that offers energy services to commercial and industrial customers in the Southeast, Mid-Atlantic and Mid-West regions.
“AEM’s services are an excellent strategic fit for PESCO and Chesapeake Utilities,” said Michael P. McMasters, CEO of Chesapeake Utilities Corporation. “This acquisition will allow us to extend our regional footprint and deepen our commercial relationships with natural gas producers and end-users as we pursue new growth opportunities for the Company that generates value for our customers, employees, investors and the communities we serve.”
The assets complement PESCO’s current portfolio and will expand the Company’s retail demand in a market where it has existing pipeline capacity and wholesale possibilities, a release stated.
The acquisition will generate opportunities for PESCO to execute its strategy of linking supply and providing associated services in the region that seen natural gas production skyrocket from the Marcellus formation, the release continued.
This strategy is similar to work it has done with producers served by its Aspire Energy subsidiary, throughout the Appalachian region of the United States. Aspire gathers natural gas from wells and distributes the product to customers.
Peninsula Energy Services Company provides natural gas supply and supply management services to more than 3,000 customers in the Southeast, Mid-Atlantic and Mid-West regions.
Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution, transmission, gathering and processing, and marketing; electricity generation and distribution; propane gas distribution; and other businesses. Further information is available at www.chpk.com.
