Chesapeake Utilities Corporation, Dover, announced higher earnings for 2022.
For 2022, net income was $89.8 million compared to $83.5 million for 2021.
Full year earnings were driven natural gas transmission pipeline expansions, incremental contributions from regulated infrastructure programs, internal growth in the company’s businesses aned a Florida interim rate increase.
Chesapeake, based in Dover, operates pipelines, natural gas utilities, propane distributors and an electric utility. Operations are mainly in Florida, Maryland and Delaware.
In the fourth quarter of 2022, the company’s net income was $26.2 million, compared to $22.7 million in the same quarter of 2021.
“Chesapeake Utilities delivered another year with record results,” said Jeff Householder, president and CEO. “Despite macroeconomic headwinds and regulatory delays, our team’s focus, dedication and business transformation efforts allowed us to report our 16th consecutive year of earnings growth and our 18th consecutive year with a return on equity above 11 percent. Additionally, we made significant growth investments in infrastructure improvements across our regulated service territories and consummated the acquisition of Planet Found, our first poultry waste to energy platform.”
Householder continued, “We remain committed to delivering safe, reliable energy delivery solutions for our customers, while also supporting our nation’s energy transition,” continued Householder. “Today, we took an important step in the development of our renewable energy business, announcing the commencement of construction on our first full-scale RNG processing facility, located in Madison County, FL.” The renewable gas facility will use waste from a dairy farm. (Click on headline below)
Chesapeake unit to produce natural gas from Florida dairy farm
