Chesapeake Utilities, through Peninsula Pipeline Holdings, sold FEP Pipeline Holdings, an indirect NextEra Energy Resources subsidiary, a 49% Membership Interest in Florida Energy Pathway, LLC. Peninsula retains 51%, while a new agreement establishes joint management and requires approval from both representatives before the In-Service Date.

Key Highlights

  • Peninsula Pipeline Holdings retains a 51% Membership Interest in Florida Energy Pathway, LLC.
  • Post-In-Service Date decisions require Members holding at least 67% of the Sharing Ratios.
  • Chesapeake Utilities Corporation’s indirect Subsidiary Peninsula Pipeline Holdings sold FEP Pipeline Holdings a 49% Membership Interest in Florida Energy Pathway, LLC.
  • The agreement is dated August 28, 2026, became effective September 1, 2026, and replaced the Initial LLC Agreement dated March 30, 2026.

Chesapeake Utilities Corporation (NYSE: CPK), through indirect subsidiary Peninsula Pipeline Holdings, LLC, sold FEP Pipeline Holdings, LLC, a 49% Membership Interest in Florida Energy Pathway, LLC.

Florida Energy Pathway Agreement

Peninsula Pipeline Holdings and FEP Pipeline Holdings executed the agreement, which is dated August 28, 2026, and became effective September 1, 2026. The agreement replaces the Initial LLC Agreement dated March 30, 2026, in its entirety. FEP Pipeline Holdings was admitted to Florida Energy Pathway, LLC as a Member on the effective date.

Joint Management Structure

The committee has two Representatives, with one appointed by Peninsula and one by FEP Pipeline Holdings. Before the project’s In-Service Date, Management Committee matters require approval from both Representatives. After the In-Service Date, decisions require Members representing at least 67% of the Sharing Ratios, excluding the Sharing Ratios of any Defaulted Members.

Ownership And Approval Rights

Peninsula holds a 51% Membership Interest, while FEP Pipeline Holdings holds 49%. The post-In-Service Date approval threshold is therefore based on the Members’ Sharing Ratios, with the agreement specifying at least 67% for covered matters. The agreement sets the rights and obligations governing the Members’ involvement in the project.

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