Chesapeake sells 49% stake in Florida Energy Pathway to NextEra; project ~$1.2B

CHESAPEAKE UTILITIES CORP

• Peninsula retains 51% of Florida Energy Pathway JV; NextEra Energy Resources acquires 49% minority interest.
• Total project investment estimated ~$1.2B; construction expected H1 2028, in-service 2030.
• Chesapeake provides ~$109M guaranty; NextEra Energy Capital ~$105M for capital contribution obligations.
• Peninsula Pipeline Company to construct, manage, operate project under COM agreement.
• Management Committee: unanimous pre-in-service, 67% post-in-service; deadlock arbitration.