Chesapeake Utilities outlines $550M-$600M 2026 capex plan while advancing $1.2B Florida Energy Pathway toward 2030 in-service
View original at seekingalpha.com“"Adjusted gross margin was approximately $149 million, up 9% and adjusted net income was approximately $22 million, up 11% from the third quarter of 2025." (Senior VP, CFO & Principal Financial Officer Jeffrey S. Sylvester)”
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No additional ERP O&M until 2028; Q2 2027 go-live on track.
60% confidenceUnder the agreement PPC retains 51% ownership with NEER acquiring 49%.
60% confidenceNEER announced as strategic joint venture partner.
60% confidencePlans to issue $250M long-term debt in Q4, refinancing $100M maturing in December.
60% confidenceWRU expected online in Q1 2027 subject to FERC commissioning.
60% confidenceAdjusted EPS $0.89, up 9%.
60% confidenceWRU full year margin contribution now expected to be $19.7M.
60% confidenceQ3 adjusted gross margin ~$149M up 9%; adjusted net income ~$22M up 11%.
60% confidenceCompany invested $151M in Q3 and $413M YTD, on track for full-year guidance of $550M-$600M.
60% confidenceHigher healthcare claims/payroll likely an anomaly in the quarter.
60% confidenceFEP could be expanded without substantial additional capital or much additional pipe.
60% confidenceTransmission expansion projects added $0.09 EPS; FCG interim rates and minor prior rate case increases added $0.09 per share.
60% confidenceWRU total capital now ~$125M, up $25M.
60% confidenceCape Canaveral LNG facility timeline roughly two to three years; volumes withheld.
60% confidenceFlorida PSC staff recommendations expected November 18.
60% confidenceRevolver amended to $650M capacity, up $200M.
60% confidenceFCG rate case in final stages; final commission order expected early January 2027.
60% confidenceFCG settlement not likely; moving toward final commission decision.
60% confidenceNo substantive propane margin erosion; natural hedge from storage volumes.
60% confidenceQ3 generated incremental $4.8M from T&D systems and $2.8M margin from infrastructure programs; $2.7M of FCG interim rates recognized.
60% confidenceGains partly offset by $0.12 higher payroll/benefit costs and $0.09 higher O&M.
60% confidenceFEP permitting expected to take 12-18 months, construction right after, in service 2030.
60% confidenceRegulated segment adjusted gross margin ~$126M; operating income up 13% to ~$56M.
60% confidenceCompany is tracking steel prices before committing to first substantive steel obligation for FEP.
60% confidenceSpaceX never considered a principal customer opportunity; existing pipeline being upgraded.
60% confidenceWRU construction essentially complete; pre-commissioning underway.
60% confidence2027 margin expectation remains ~$17.2M.
60% confidence2028 EPS guidance of $7.75-$8.00 reaffirmed.
60% confidenceGrowth trajectory continued through Q3, with 12% increase in adjusted net income and 8% increase in adjusted EPS for the first nine months.
60% confidence