CHESAPEAKE UTILITIES CORPCPK000001974512/3110-K12/31/20212021FYFALSEDENYSE20,00018,00020,148662,00041,000368,387864,0001,392,000176,00012,00012,0000.48670.486750,000,00050,000,0002,000,0002,000,0000.010.011.88001.72501.5850103710405335335374530202531042054511.013.0P12M2617,00011111111111111111111five years355.935.686.433.733.883.253.483.583.982.983.002.962.492.46October 31, 2023June 30, 2026May 2, 2028December 16, 2028May 15, 2029April 30, 2032May 31, 2038November 30, 2038August 20, 2039December 20, 2034July 15, 2035August 15, 2035January 25, 2037September 24, 2031Lender's base rate, plus 0.75 percentLIBOR rate, plus 0.75 percentLIBOR rate, plus 0.75 percentLIBOR rate, plus 1.125 percentLender's base rate, plus 0.85 percent3two yearstwo years7,0002616900,000365,000608,0001,500,00047,0005806103,300,00014,200,0007three yearsfive daysQUARTERLY FINANCIAL DATA (UNAUDITED)
In our opinion, the quarterly financial information shown below includes all adjustments necessary for a fair presentation of the operations for such periods. Due to the seasonal nature of our business, there are substantial variations in operations reported on a quarterly basis.
For the Quarters Ended
March 31June 30September 30December 31
(in thousands except per share amounts)    
2020 (1)
Operating Revenues$152,690 $97,051 $101,419 $137,038 
Operating Income$42,134 $17,977 $17,406 $35,206 
Net Income:
Income from Continuing Operations$29,041 $10,661 $9,280 $21,661 
Earnings/(Loss) from Discontinued Operations, Net of Tax(111)125 (19)691 
    Gain on sale of Discontinued Operations, Net of Tax 170   
Net Income$28,930 $10,956 $9,261 $22,352 
Basic Earnings Per Share of Common Stock
Earnings Per Share from Continuing Operations $1.77 $0.65 $0.56 $1.23 
Earnings/(Loss) Per Share from Discontinued Operations(0.01)0.02  0.04 
Basic Earnings Per Share of Common Stock$1.76 $0.67 $0.56 $1.27 
Diluted Earnings Per Share of Common Stock
Earnings Per Share from Continuing Operations $1.77 $0.64 $0.56 $1.22 
Earnings/(Loss) Per Share from Discontinued Operations(0.01)0.02  0.04 
Diluted Earnings Per Share of Common Stock$1.76 $0.66 $0.56 $1.26 
2019 (1)
Operating Revenues$160,464 $94,542 $92,626 $131,974 
Operating Income$44,122 $18,165 $14,357 $29,641 
Net Income:
Income from Continuing Operations$28,811 $8,914 $6,251 $17,123 
Earnings/(Loss) from Discontinued Operations, Net of Tax(148)(610)(630)39 
Gain on sale of Discontinued Operations, Net of Tax— — — 5,402 
Net Income$28,663 $8,304 $5,621 $22,564 
Basic Earnings Per Share of Common Stock
Earnings Per Share from Continuing Operations $1.76 $0.54 $0.38 $1.05 
Earnings/(Loss) Per Share from Discontinued Operations(0.01)(0.03)(0.04)0.33 
Basic Earnings Per Share of Common Stock$1.75 $0.51 $0.34 $1.38 
Diluted Earnings Per Share of Common Stock
Earnings Per Share from Continuing Operations $1.75 $0.54 $0.38 $1.04 
Earnings/(Loss) Per Share from Discontinued Operations(0.01)(0.04)(0.04)0.33 
Diluted Earnings Per Share of Common Stock$1.74 $0.50 $0.34 $1.37 

(1) The sum of the four quarters does not equal the total for the year due to rounding.
Due to the seasonal nature of our business, there are substantial variations in operations reported on a quarterly basis.
For the Quarters Ended
March 31June 30September 30December 31
(in thousands except per share amounts)    
2020 (1)
Operating Revenues$152,690 $97,051 $101,419 $137,038 
Operating Income$42,134 $17,977 $17,406 $35,206 
Net Income:
Income from Continuing Operations$29,041 $10,661 $9,280 $21,661 
Earnings/(Loss) from Discontinued Operations, Net of Tax(111)125 (19)691 
    Gain on sale of Discontinued Operations, Net of Tax 170   
Net Income$28,930 $10,956 $9,261 $22,352 
Basic Earnings Per Share of Common Stock
Earnings Per Share from Continuing Operations $1.77 $0.65 $0.56 $1.23 
Earnings/(Loss) Per Share from Discontinued Operations(0.01)0.02  0.04 
Basic Earnings Per Share of Common Stock$1.76 $0.67 $0.56 $1.27 
Diluted Earnings Per Share of Common Stock
Earnings Per Share from Continuing Operations $1.77 $0.64 $0.56 $1.22 
Earnings/(Loss) Per Share from Discontinued Operations(0.01)0.02  0.04 
Diluted Earnings Per Share of Common Stock$1.76 $0.66 $0.56 $1.26 
2019 (1)
Operating Revenues$160,464 $94,542 $92,626 $131,974 
Operating Income$44,122 $18,165 $14,357 $29,641 
Net Income:
Income from Continuing Operations$28,811 $8,914 $6,251 $17,123 
Earnings/(Loss) from Discontinued Operations, Net of Tax(148)(610)(630)39 
Gain on sale of Discontinued Operations, Net of Tax— — — 5,402 
Net Income$28,663 $8,304 $5,621 $22,564 
Basic Earnings Per Share of Common Stock
Earnings Per Share from Continuing Operations $1.76 $0.54 $0.38 $1.05 
Earnings/(Loss) Per Share from Discontinued Operations(0.01)(0.03)(0.04)0.33 
Basic Earnings Per Share of Common Stock$1.75 $0.51 $0.34 $1.38 
Diluted Earnings Per Share of Common Stock
Earnings Per Share from Continuing Operations $1.75 $0.54 $0.38 $1.04 
Earnings/(Loss) Per Share from Discontinued Operations(0.01)(0.04)(0.04)0.33 
Diluted Earnings Per Share of Common Stock$1.74 $0.50 $0.34 $1.37 

(1) The sum of the four quarters does not equal the total for the year due to rounding.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934      For the Fiscal Year Ended: December 31, 2021
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-11590 
CHESAPEAKE UTILITIES CORPORATION
(Exact name of registrant as specified in its charter)
State of Delaware 51-0064146
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
909 Silver Lake Boulevard, Dover, Delaware 19904
(Address of principal executive offices, including zip code)
302-734-6799
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock—par value per share $0.4867CPKNew York Stock Exchange, Inc.
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes     No 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes      No 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer 
  Accelerated filer 
Non-accelerated filer 
Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes     No 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.



The aggregate market value of the common shares held by non-affiliates of Chesapeake Utilities Corporation as of June 30, 2021, the last business day of its most recently completed second fiscal quarter, based on the last sale price on that date, as reported by the New York Stock Exchange, was approximately $2.1 billion.
The number of shares of Chesapeake Utilities Corporation's common stock outstanding as of February 18, 2022 was 17,657,537
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Chesapeake Utilities Corporation Proxy Statement for the 2022 Annual Meeting of Shareholders are incorporated by reference in Part II and Part III hereof.


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CHESAPEAKE UTILITIES CORPORATION
FORM 10-K
YEAR ENDED DECEMBER 31, 2021
TABLE OF CONTENTS
 
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GLOSSARY OF DEFINITIONS
ASC: Accounting Standards Codification issued by the FASB
Adjusted Gross Margin: a non-GAAP measure calculated by deducting the purchased cost of natural gas, propane and electricity and the cost of labor spent on direct revenue-producing activities from operating revenues. The costs included in Adjusted Gross Margin exclude depreciation and amortization and certain costs presented in operations and maintenance expenses in accordance with regulatory requirements
Aspire Energy: Aspire Energy of Ohio, LLC, a wholly-owned subsidiary of Chesapeake Utilities

Aspire Energy Express: Aspire Energy Express, LLC, a wholly-owned subsidiary of Chesapeake Utilities

ASU: Accounting Standards Update issued by the FASB
ATM: At-the-market
Boulden: Boulden, Inc., an entity from whom we acquired certain propane operating assets
CARES Act: Coronavirus Aid, Relief, and Economic Security Act

CDC: U.S. Centers for Disease Control and Prevention

CDD: Cooling Degree-Day
CFG: Chesapeake Utilities' Central Florida Gas division

CGS: Community Gas Systems
Chesapeake or Chesapeake Utilities: Chesapeake Utilities Corporation, its divisions and subsidiaries, as appropriate in the context of the disclosure
CHP: Combined Heat and Power Plant
Columbia Gas: Columbia Gas Transmission, LLC
Company: Chesapeake Utilities Corporation, its divisions and subsidiaries, as appropriate in the context of the disclosure
COVID-19: An infectious disease caused by a discovered coronavirus

CNG: Compressed natural gas

Degree-day: A degree-day is the measure of the variation in the weather based on the extent to which the average daily temperature (from 10:00 am to 10:00 am) falls above (CDD) or below (HDD) 65 degrees Fahrenheit
Delmarva Peninsula: A peninsula on the east coast of the U. S. occupied by Delaware and portions of Maryland and Virginia

Diversified Energy: Diversified Energy Company an entity from whom we acquired certain propane operating assets in North Carolina, South Carolina, Virginia, and Pennsylvania
DRIP: Dividend Reinvestment and Direct Stock Purchase Plan
Dt(s): Dekatherm(s), which is a natural gas unit of measurement that includes a standard measure for heating value
Dts/d: Dekatherms per day
Eastern Shore: Eastern Shore Natural Gas Company, a wholly-owned subsidiary of Chesapeake Utilities
Eight Flags: Eight Flags Energy, LLC, a subsidiary of Chesapeake OnSight Services, LLC
Elkton Gas: Elkton Gas Company, a wholly-owned subsidiary of Chesapeake Utilities
EDI: Equity Diversity and Inclusion
Escambia Meter Station: A natural gas metering station owned by Peninsula Pipeline Company located in Escambia County,
Florida



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ESG: Environmental, Social and Governance
FASB: Financial Accounting Standards Board
FERC: Federal Energy Regulatory Commission
FGT: Florida Gas Transmission Company
Flo-gas: Flo-gas Corporation, a wholly-owned subsidiary of FPU
Florida OPC: The Office of Public Counsel, an agency established by the Florida legislature who advocates on behalf of Florida's utility consumers prior to actions or rule changes
FPU: Florida Public Utilities Company, a wholly-owned subsidiary of Chesapeake Utilities
GAAP: Generally Accepted Accounting Principles
Guernsey Power Station: Guernsey Power Station, LLC, a partner with Aspire Energy Express in the construction of a power generation facility in Ohio.
GRIP: Gas Reliability Infrastructure Program
Gross Margin: a term under U.S. GAAP which is the excess of sales over costs of goods sold
Gulfstream: Gulfstream Natural Gas System, LLC, an unaffiliated pipeline network that supplies natural gas to FPU
HDD: Heating Degree Day
LNG: Liquefied Natural Gas
Marlin Gas Services: Marlin Gas Services, LLC, a wholly-owned subsidiary of Chesapeake Utilities

MetLife: MetLife Investment Advisors, an institutional debt investment management firm, with which we have previously issued Senior Notes and which is a party to the current MetLife Shelf Agreement, as amended
MGP: Manufactured gas plant, which is a site where coal was previously used to manufacture gaseous fuel for industrial, commercial and residential use
MW: Megawatt, which is a unit of measurement for electric power or capacity
NOL: Net operating losses
NYL: New York Life Investors LLC, an institutional debt investment management firm, with which Chesapeake Utilities entered into a Shelf Agreement and issued Shelf Notes
Peninsula Pipeline: Peninsula Pipeline Company, Inc., a wholly-owned subsidiary of Chesapeake Utilities
Peoples Gas: Peoples Gas System, an Emera Incorporated subsidiary
PESCO: Peninsula Energy Services Company, Inc., an inactive wholly-owned subsidiary of Chesapeake Utilities
Prudential: Prudential Investment Management Inc., an institutional investment management firm, with which Chesapeake Utilities entered into a previous Shelf Agreement and issued Shelf Notes
PSC: Public Service Commission, which is the state agency that regulates utility rates and/or services in certain of our jurisdictions
Revolver: Our $400.0 million unsecured revolving credit facility with certain lenders
RNG: Renewable natural gas
Sandpiper Energy: Sandpiper Energy, Inc., a wholly-owned subsidiary of Chesapeake Utilities
SEC: Securities and Exchange Commission
Senior Notes: Our unsecured long-term debt issued primarily to insurance companies on various dates
Sharp: Sharp Energy, Inc., a wholly-owned subsidiary of Chesapeake Utilities
                        

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Shelf Agreement: An agreement entered into by Chesapeake Utilities and a counterparty pursuant to which Chesapeake Utilities may request that the counterparty purchase our unsecured senior debt with a fixed interest rate and a maturity date not to exceed 20 years from the date of issuance
Shelf Notes: Unsecured senior promissory notes issuable under the Shelf Agreement executed with various counterparties
SICP: 2013 Stock and Incentive Compensation Plan
TCJA: Tax Cuts and Jobs Act enacted on December 22, 2017
TETLP: Texas Eastern Transmission, LP, an interstate pipeline interconnected with Eastern Shore's pipeline
Transco: Transcontinental Gas Pipe Line Company, LLC
Uncollateralized Senior Notes: Our unsecured long-term debt issued primarily to insurance companies on various dates
U.S.: The United States of America
Western Natural Gas: Western Natural Gas Company, an entity from whom we acquired certain propane operating assets in Jacksonville, Florida and the surrounding communities


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PART I
References in this document to “Chesapeake,” “Chesapeake Utilities,” the “Company,” “we,” “us” and “our” mean Chesapeake Utilities Corporation, its divisions and/or its subsidiaries, as appropriate in the context of the disclosure.
Safe Harbor for Forward-Looking Statements
We make statements in this Annual Report on Form 10-K (this "Annual Report") that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. One can typically identify forward-looking statements by the use of forward-looking words, such as “project,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “continue,” “potential,” “forecast” or other similar words, or future or conditional verbs such as “may,” “will,” “should,” “would” or “could.” These statements represent our intentions, plans, expectations, assumptions and beliefs about future financial performance, business strategy, projected plans and objectives of the Company. Forward-looking statements speak only as of the date they are made or as of the date indicated and we do not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. These statements are subject to many risks and uncertainties. In addition to the risk factors described under Item 1A, Risk Factors, the following important factors, among others, could cause actual future results to differ materially from those expressed in the forward-looking statements:
state and federal legislative and regulatory initiatives that affect cost and investment recovery, have an impact on rate structures, and affect the speed and the degree to which competition enters the electric and natural gas industries;
the outcomes of regulatory, environmental and legal matters, including whether pending matters are resolved within current estimates and whether the related costs are adequately covered by insurance or recoverable in rates;
the impact of climate change, including the impact of greenhouse gas emissions or other legislation or regulations intended to address climate change;
the impact of significant changes to current tax regulations and rates;
the timing of certification authorizations associated with new capital projects and the ability to construct facilities at or below estimated costs;
changes in environmental and other laws and regulations to which we are subject and environmental conditions of property that we now, or may in the future, own or operate;
possible increased federal, state and local regulation of the safety of our operations;
the inherent hazards and risks involved in transporting and distributing natural gas, electricity and propane;
the economy in our service territories or markets, the nation, and worldwide, including the impact of economic conditions (which we do not control) on demand for natural gas, electricity, propane or other fuels;
risks related to cyber-attacks or cyber-terrorism that could disrupt our business operations or result in failure of information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information;
adverse weather conditions, including the effects of hurricanes, ice storms and other damaging weather events;
customers' preferred energy sources;
industrial, commercial and residential growth or contraction in our markets or service territories;
the effect of competition on our businesses from other energy suppliers and alternative forms of energy;
the timing and extent of changes in commodity prices and interest rates;
the effect of spot, forward and future market prices on our various energy businesses;
the extent of our success in connecting natural gas and electric supplies to our transmission systems, establishing and maintaining key supply sources, and expanding natural gas and electric markets;
the creditworthiness of counterparties with which we are engaged in transactions;
the capital-intensive nature of our regulated energy businesses;
our ability to access the credit and capital markets to execute our business strategy, including our ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings and general economic conditions;
the ability to successfully execute, manage and integrate a merger, acquisition or divestiture of assets or businesses and the related regulatory or other conditions associated with the merger, acquisition or divestiture;
the impact on our costs and funding obligations, under our pension and other post-retirement benefit plans, of potential downturns in the financial markets, lower discount rates, and costs associated with health care legislation and regulation;
the ability to continue to hire, train and retain appropriately qualified personnel;
the availability of, and competition for, qualified personnel supporting our natural gas, electricity and propane businesses;
the effect of accounting pronouncements issued periodically by accounting standard-setting bodies; and
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the impacts associated with the outbreak of a pandemic, including the duration and scope of the pandemic the corresponding impact on our supply chains, our personnel, our contract counterparties, general economic conditions and growth, the financial markets and any costs to comply with governmental mandates.
Chesapeake Utilities Corporation 2019 Form 10-K     Page 2

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ITEM 1. Business.
Corporate Overview and Strategy
Chesapeake Utilities Corporation is a Delaware corporation formed in 1947 with operations primarily in the Mid-Atlantic region, North Carolina, South Carolina, Florida and Ohio. We are an energy delivery company engaged in the distribution of natural gas, electricity and propane; the transmission of natural gas; the generation of electricity and steam, and in providing related services to our customers. Our strategy is focused on growing earnings from a stable regulated energy delivery foundation and investing in related businesses and services that provide opportunities for returns greater than traditional utility returns. We seek to identify and develop opportunities across the energy value chain, with emphasis on midstream and downstream investments that are accretive to earnings per share, consistent with our long-term growth strategy and create opportunities to continue our record of top tier returns on equity relative to our peer group. The Company’s growth strategy includes the continued investment and expansion of the Company’s regulated operations that provide a stable base of earnings, as well as investments in other related non-regulated businesses and services including sustainable energy initiatives. By investing in these related business and services, the Company creates opportunities to sustain its track record of higher returns, as compared to a traditional utility.
Currently, the Company’s growth strategy is focused on the following platforms, including:
Optimizing the earnings growth in our existing businesses, which includes organic growth, territory expansions, and new products and services as well as increased opportunities to transform the Company with a focus on people, process, technology and organizational structure.
Identification and pursuit of additional pipeline expansions, including new interstate and intrastate transmission projects.
Growth of Marlin Gas Services’ CNG transport business and expansion into LNG and RNG transport services as well as methane capture.
Identifying and undertaking additional strategic propane acquisitions that provide a larger foundation in current markets and expand our brand and presence into new strategic growth markets.
Pursuit of growth opportunities that enable us to utilize our integrated set of energy delivery businesses to participate in sustainable energy opportunities.
Operating Segments
We operate within two reportable segments: Regulated Energy and Unregulated Energy. The remainder of our operations is presented as “Other businesses and eliminations." These segments are described below in detail.    

Regulated Energy

Overview
Our regulated energy businesses are comprised of natural gas and electric distribution, as well as natural gas transmission services. The following table presents net income for the year ended December 31, 2021 and total assets as of December 31, 2021, by operation and area served:
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Operations Areas ServedNet IncomeTotal Assets
(in thousands)
Natural Gas Distribution
Delmarva Natural Gas (1)
Delaware/Maryland$12,283 $350,196 
Florida Natural Gas (2)
Florida16,040 481,573 
Natural Gas Transmission
Eastern ShoreDelaware/Maryland/
Pennsylvania
21,369 482,161 
  Peninsula PipelineFlorida10,898 140,494 
Aspire Energy ExpressOhio119 7,503 
Electric Distribution
FPUFlorida5,441 167,264 
Total Regulated Energy$66,150 $1,629,191 
(1) Delmarva Natural Gas consists of Delaware division, Maryland division, Sandpiper Energy and Elkton Gas.
(2) Florida Natural Gas consists of Chesapeake Utilities CFG Division and FPU, and FPU's Ft. Meade and Indiantown divisions.
Revenues in the Regulated Energy segment are based on rates regulated by the PSC in the states in which we operate or, in the case of Eastern Shore, which is an interstate business, by the FERC. The rates are designed to generate revenues to recover all prudent operating and financing costs and provide a reasonable return for our stockholders. Each of our distribution and transmission operations has a rate base, which generally consists of the original cost of the operation's plant, less accumulated depreciation, working capital and other assets. For Delmarva Natural Gas and Eastern Shore, rate base also includes deferred income tax liabilities and other additions or deductions. Our Regulated Energy operations in Florida do not include deferred income tax liabilities in their rate base.
Our natural gas and electric distribution operations bill customers at standard rates approved by their respective state PSC. Each state PSC allows us to negotiate rates, based on approved methodologies, for large customers that can switch to other fuels. Some of our customers in Maryland receive propane through underground distribution systems in Worcester County. We bill these customers under PSC-approved rates and include them in the natural gas distribution results and customer statistics.
Our natural gas and electric distribution operations earn profits on the delivery of natural gas or electricity to customers. The cost of natural gas or electricity that we deliver is passed through to customers under PSC-approved fuel cost recovery mechanisms. The mechanisms allow us to adjust our rates on an ongoing basis without filing a rate case to recover changes in the cost of the natural gas and electricity that we purchase for customers. Therefore, while our distribution operating revenues fluctuate with the cost of natural gas or electricity we purchase, our distribution adjusted gross margin (which we define as operating revenues less purchased gas or electricity cost) is generally not impacted by fluctuations in the cost of natural gas or electricity.
Our natural gas transmission operations bill customers under rate schedules approved by the FERC or at rates negotiated with customers.
Acquisition of Elkton Gas
In July 2020, we closed on the acquisition of Elkton Gas, which provides natural gas distribution service to approximately 7,000 residential and commercial customers within a franchised area of Cecil County, Maryland. See Item 8, Financial Statements and Supplementary Data (Note 4, Acquisitions in the consolidated financial statements) for further information. The results of Elkton Gas are now included within our Delmarva Natural Gas distribution operations.

Operational Highlights
The following table presents operating revenues, volumes and the average number of customers by customer class for our natural gas and electric distribution operations for the year ended December 31, 2021:
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Delmarva
Natural Gas Distribution
Florida
Natural Gas Distribution (2)
FPU
Electric
Distribution
Operating Revenues (in thousands)
  Residential$73,539 61 %$41,460 31 %$37,594 48 %
  Commercial37,507 31 %34,834 26 %34,591 44 %
  Industrial9,160 %47,418 35 %2,105 %
  Other (1)
1,289 <1%10,897 %4,010 %
Total Operating Revenues$121,495 100 %$134,609 100 %$78,300 100 %
Volumes (in Dts for natural gas/KW Hours for electric)
  Residential4,475,634 30 %2,024,286 %304,236 49 %
  Commercial4,209,015 28 %6,270,574 14 %305,121 49 %
  Industrial6,158,412 40 %33,945,702 74 %15,361 %
  Other313,791 %3,418,989 %— — %
Total Volumes15,156,852 100 %45,659,551 100 %624,718 100 %
Average Number of Customers (3)
  Residential87,697 92 %81,635 91 %25,347 78 %
  Commercial7,808 %5,684 %7,328 22 %
  Industrial209 <1%2,540 %<1%
  Other<1%<1%— — %
Total Average Number of Customers95,719 100 %89,865 100 %32,677 100 %
(1) Operating Revenues from "Other" sources include revenue, unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties, and adjustments for pass-through taxes.
(2) Florida natural gas distribution includes Chesapeake Utilities' Central Florida Gas division, FPU and FPU's Indiantown and Fort Meade divisions.
(3) Average number of customers is based on the twelve-month average for the year ended December 31, 2021.

The following table presents operating revenues, by customer type, for Eastern Shore and Peninsula Pipeline for the year ended December 31, 2021, as well as contracted firm transportation capacity by customer type, and design day capacity at December 31, 2021:
Eastern ShorePeninsula Pipeline
Operating Revenues (in thousands)
Local distribution companies - affiliated (1)
$29,214 38 %$23,510 88 %
Local distribution companies - non-affiliated24,685 32 %840 %
Commercial and industrial - affiliated— — %1,120 %
Commercial and industrial - non-affiliated22,993 30 %264 %
Other (2)
19 <1%896 %
Total Operating Revenues $76,911 100 %$26,630 100 %
Contracted firm transportation capacity (in Dts/d)
Local distribution companies - affiliated153,295 50 %306,400 36 %
Local distribution companies - non-affiliated56,576 18 %534,825 63 %
Commercial and industrial - affiliated— — %1,500 <1%
Commercial and industrial - non-affiliated98,540 32 %5,100 %
Total Contracted firm transportation capacity308,411 100 %847,825 100 %
Design day capacity (in Dts/d)
308,411 100 %847,825 100 %
(1) Eastern Shore's and Peninsula Pipeline's service to our local distribution affiliates is based on the respective regulator's approved rates and is an integral component of the cost associated with providing natural gas supplies to the end users of those affiliates. We eliminate operating revenues of these entities against the natural gas costs of those affiliates in our consolidated financial information; however, our local distribution affiliates include this amount in their purchased fuel cost and recover it through fuel cost recovery mechanisms.
(2) Operating revenues from "Other" sources are from the rental of gas properties.
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Regulatory Overview
The following table highlights key regulatory information for each of our principal Regulated Energy operations. Peninsula Pipeline and Aspire Energy Express are not regulated with regard to cost of service by either the Florida PSC or Ohio PUC respectively, or FERC and is therefore excluded from the table. See Item 8, Financial Statements and Supplementary Data (Note 19, Rates and Other Regulatory Activities, in the consolidated financial statements) for further discussion on the impact of this legislation on our regulated businesses.
Natural Gas Distribution
Delmarva FloridaElectric DistributionNatural Gas Transmission
Operation/DivisionDelawareMarylandSandpiper
Elkton Gas (7)
Chesapeake's Florida natural gas divisionFPUFPUEastern Shore
Regulatory AgencyDelaware PSCMaryland PSCFlorida PSCFERC
Effective date - Last Rate Order
01/01/2017
12/1/200712/01/201902/07/201901/14/2010
01/14/2010(1)
10/8/202008/01/2017
Rate Base (in Rates) (in Millions)
Not stated
Not statedNot statedNot stated$46.7$68.9$24.9Not stated
Annual Rate Increase Approved (in Millions)$2.3$0.6
N/A(2)
$0.1$2.5$8.0$3.4 base rate and $7.7 from storm surcharge$9.8
Capital Structure (in rates)(3)*
Not stated
LTD: 42% STD: 5% Equity: 53%
Not stated
LTD: 50% Equity: 50%LTD: 31% STD: 6% Equity: 43% Other: 20%LTD: 31% Equity: 47% Other: 22%LTD: 22% STD: 23% Equity: 55%
Not stated
Allowed Return on Equity
9.75% (4)
10.75%(4)
Not stated (5)
9.80%
10.80%(4)
10.85%(4)
10.25%(4), (6)
Not stated
TJCA Refund Status associated with customer rates
Refunded
Refunded
RefundedN/A
Retained
Retained
Refunded
Refunded
(1) The effective date of the order approving the settlement agreement, which adjusted the rates originally approved on June 4, 2009.
(2) The Maryland PSC approved a declining return on e