Chesapeake Utilities Corporation Announces Maryland PSC Approval of Elkton Gas Acquisition.
M2 PRESSWIRE-July 10, 2020-: Chesapeake Utilities Corporation Announces Maryland PSC Approval of Elkton Gas Acquisition
(C)1994-2020 M2 COMMUNICATIONS
RDATE:09072020
DOVER, DE - Chesapeake Utilities Corporation (Chesapeake Utilities) (NYSE: CPK) announced today that it has received regulatory approval from the Maryland Public Service Commission for the pending acquisition of Elkton Gas from South Jersey Industries (SJI) (NYSE: SJI). Assuming all closing conditions are satisfied, the transaction is anticipated to close by August 1, 2020, at which time Elkton Gas will become the newest wholly-owned subsidiary of Chesapeake Utilities. The agreement between Chesapeake Utilities and SJI was entered into on December 5, 2019.
Incorporated in 1863, Elkton Gas delivers safe, reliable and affordable natural gas to approximately 7,000 residential and commercial customers within a franchised area of Cecil County, Maryland. Elkton Gas will continue to operate out of its existing office with the same local personnel. Customers can expect to continue to receive the same high quality service that they have experienced with the local office and its team members. Elkton Gas has also been a long-term customer of Eastern Shore Natural Gas Company, an interstate transmission pipeline company that is also a wholly-owned subsidiary of Chesapeake Utilities Corporation.
Chesapeake Utilities currently serves another franchised area of Cecil County, Maryland with natural gas service and has been managing its expansion into this area largely from its Delaware operations. With the addition of the Elkton Gas team and facilities, the entire County can be served locally from the existing office.
"The acquisition of Elkton Gas is a great, strategic fit for our Company and will enable us to more quickly expand our services in Cecil County," said Jeff Householder, President and CEO of Chesapeake Utilities Corporation. "We thank the Maryland Public Service Commission for approving this acquisition and we look forward to completing this transaction and welcoming Elkton Gas into the Chesapeake Utilities family. Together, we will remain committed to delivering superior service to the customers and communities we serve through increased, affordable and cleaner energy options."
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange, which is engaged in natural gas transmission and...
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