DOVER, Del., Oct. 16, 2014 /PRNewswire/ -- Chesapeake
Utilities Corporation (NYSE: CPK) ("Chesapeake") announced today
that the Florida Public Service Commission ("PSC") has approved a
$3.75 million rate increase for
electric customers of Florida Public Utilities Company ("FPU"), a
Chesapeake subsidiary. The PSC approved the joint
recommendation of FPU and the Office of Public Counsel ("OPC") to
adopt the "Stipulation and Settlement Agreement ("Agreement")."
The base rate increase is the first increase to FPU electric
customers in seven years. Effective November 2014, the average residential customer
using 1,000 kilowatt hours per month will see a $2.07 increase to their monthly bill. Under
the Agreement, the PSC approved a return on equity for the electric
division of 10.25 percent.
"This result reflects our disciplined regulated business
strategy: fulfilling our obligations to our customers, the
communities we serve and our investors," said Michael P. McMasters, President and Chief
Executive Officer of Chesapeake Utilities Corporation.
"Over the past several years, FPU has significantly improved its
service and reliability and lowered its fuel cost. We look forward
to continuing to provide our customers safe, reliable service at a
reasonable cost," said Jeffry M.
Householder, President of Florida Public Utilities
Company.
About Chesapeake Utilities Corporation
Chesapeake
Utilities Corporation is a diversified energy company engaged in
natural gas distribution, transmission and marketing; electricity
distribution; propane gas distribution and wholesale marketing; and
other related services. Information about Chesapeake Utilities
Corporation and the Chesapeake family of businesses is available at
www.chpk.com.
About Florida Public Utilities Company
Florida Public
Utilities Company is a wholly-owned subsidiary of Chesapeake
Utilities Corporation. Headquartered in West Palm Beach, Florida, FPU distributes
natural gas and propane and provides electric services to
approximately 100,000 customers in markets throughout
Florida. For more information, visit www.fpuc.com.
For more information, contact:
Jeffry M. Householder
President
Florida Public Utilities Company
904.261.3663
SOURCE Chesapeake Utilities Corporation