Chesapeake Utilities said on Tuesday its unit has sold a 49% stake in a $1.2 billion South Florida natural gas transmission infrastructure project to NextEra Energy Resources.
The project, called Florida Energy Pathway, is designed to expand natural gas transportation capacity and address regional supply constraints, Chesapeake said.
Here are more details:
* Utilities have been investing in new infrastructure to improve reliability and support growing residential, commercial and power generation needs.
* Chesapeake’s unit, Peninsula Pipeline Holdings, will retain the remaining 51% stake and construct and operate the project.
* The intrastate pipeline will be constructed from Palm Beach County to Miami-Dade County, supported by nearly 250,000 dekatherms per day of firm shipping commitments.
* Construction is expected to begin in the first half of 2028 and potentially come into service in 2030, subject to final commissioning.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Leroy Leo)