Chesapeake Utilities To Invest $80 Mln In Worcester Resiliency Upgrade Project In Maryland

(RTTNews) - Chesapeake Utilities Corp. (CPK) announced on Thursday that its unit Eastern Shore Natural Gas Company plans to invest $80 million in the Worcester Resiliency Upgrade project, a liquefied natural gas storage facility in Maryland.

The capital investment is due to increased capacity requirements of three affiliated local distribution companies who will each enter into 30-year service agreements upon completion of the project.

The storage facility includes five low-profile 100,000-gallon horizontal storage tanks that are adjacent to an existing industrial facility in Worcester County.

Eastern Shore Natural Gas will construct, own, and operate all the facilities enabling the company to provide critical energy service to customers during the peak winter heating season.

In pre-market activity, Chesapeake shares are trading at $87.99 down 4.69% on the New York Stock Exchange.