NextEra Acquires 49% Stake in $1.2 Billion Florida Natural Gas Pipeline Project
Chesapeake Utilities has sold a 49% ownership interest in its Florida Energy Pathway natural gas infrastructure project to NextEra Energy Resources for approximately $1.2 billion. The project is designed to increase natural gas transportation capacity and address regional supply constraints in South Florida.
The Florida Energy Pathway will be a 24-inch intrastate natural gas pipeline extending from Palm Beach County to Miami-Dade County, with construction expected to begin in the first half of 2028. Chesapeake Utilities subsidiary Peninsula Pipeline Company will construct, manage, and operate the system, retaining a 51% interest.
NextEra Energy Resources' stake in the project is valued at $588 million, based on the total investment estimate of $1.2 billion. The partnership brings new resources to the project, with Chesapeake Utilities President and CEO Jeff Householder stating that they have received strong interest from potential partners since announcing the project in July.