NextEra Agrees to 49% Stake in $1.2 Billion Florida Gas Pipeline Project
NextEra Energy Resources has agreed to acquire a 49% ownership stake in Chesapeake Utilities Corporation’s planned Florida Energy Pathway, a $1.2 billion natural gas infrastructure project in South Florida.
- NextEra Energy Resources has agreed to acquire a 49% stake in the Florida Energy Pathway project.
- Peninsula Pipeline Holdings will retain a 51% ownership interest.
- The proposed 24-inch pipeline will run from Palm Beach County to Miami-Dade County.
- Chesapeake estimates total investment at approximately $1.2 billion.
- Construction is expected to begin in the first half of 2028.
- Commercial service is currently targeted for 2030.
NextEra Agrees to 49% Stake in Florida Energy Pathway
MONTREAL (Oil Monster): NextEra Energy Resources has agreed to acquire a 49% ownership stake in Chesapeake Utilities Corporation’s planned $1.2 billion Florida Energy Pathway project, in a major step towards expansion of natural gas infrastructure in South Florida.
Under the agreement, Chesapeake’s subsidiary Peninsula Pipeline Holdings will retain a 51% interest, while NextEra Energy Resources will own the remaining 49%. Another Chesapeake unit, Peninsula Pipeline Company, will be responsible for developing, operating and managing the pipeline system.
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Pipeline Will Connect Palm Beach and Miami-Dade Counties
The proposed 24-inch intrastate natural gas pipeline will extend from Palm Beach County to Miami-Dade County. The project is intended to increase transportation capacity and improve gas supply reliability.
Chesapeake estimates the total investment at approximately $1.2 billion. However, the final cost could change as engineering and development work progresses.
Construction Is Expected to Begin in 2028
Project preparation work is already underway. Construction is expected to start during the first half of 2028. The pipeline is currently targeted to begin commercial service in 2030, subject to completion of development and commissioning activities.
Florida Energy Pathway Was Unveiled in July
The Florida Energy Pathway project was originally unveiled in July as part of a broader effort to expand natural gas infrastructure and address supply limitations in the South Florida region.
Florida Energy Pathway Questions and Answers
What stake will NextEra Energy Resources own in the Florida Energy Pathway?
NextEra Energy Resources has agreed to acquire a 49% ownership stake in the project.
Who will retain majority ownership of the project?
Chesapeake Utilities subsidiary Peninsula Pipeline Holdings will retain a 51% interest.
Where will the Florida Energy Pathway pipeline run?
The proposed pipeline will extend from Palm Beach County to Miami-Dade County.
How much is the Florida Energy Pathway expected to cost?
Chesapeake estimates total investment at approximately $1.2 billion, although the final cost could change as engineering and development work progresses.
When is the Florida Energy Pathway expected to begin service?
Construction is expected to begin in the first half of 2028, with commercial service currently targeted for 2030.