12/09/2019 | Press release | Distributed by Public on 12/09/2019 07:17
FOLSOM NJ, Dec. 09, 2019 (GLOBE NEWSWIRE) -- Media Contact:Marissa Travaline
(609) 561-9000 ext. 4227
Investor Contact: Dan Fidell
(609) 561-9000 ext. 7027
FOR IMMEDIATE RELEASE
SJI Announces Sale of Elkton Gas to Chesapeake Utilities Corporation
FOLSOM, NJ,- Dec. 9, 2019 -- SJI (NYSE: SJI) has entered into an agreement to sell Elkton Gas to Chesapeake Utilities Corporation (NYSE: CPK) for approximately $15 million.
Elkton Gas serves roughly 7,000 residential and commercial customers in Cecil County, Maryland and was acquired by SJI in July 2018. Completion of the transaction is estimated in the second quarter of 2020, following Maryland Public Service Commission Approval. Both SJI and Chesapeake Utilities are focused on ensuring the continued delivery of safe, reliable, affordable natural gas service during this transition.
Chesapeake Utilities is committed to providing the same level of service Elkton Gas customers expect and deserve. The company will also maintain commitments to Elkton Gas employees.
'The sale of this asset supports the goals of our strategic plan, to focus on our core business in New Jersey while identifying opportunities to strengthen our balance sheet,' said Mike Renna, President and CEO. 'We look forward to collaborating with Chesapeake to successfully transition our Maryland customers to a new provider for their natural gas needs.'
SJI (NYSE: SJI), an energy services holding company based in Folsom, NJ, delivers safe, reliable, affordable natural gas service to approximately 681,000 customers in New Jersey and Maryland through its three regulated natural gas utilities - South Jersey Gas, Elizabethtown Gas and Elkton Gas. SJI's non-utility businesses within South Jersey Energy Solutions promote efficiency, clean technology and renewable energy by providing customized wholesale commodity marketing and fuel management services; and developing, owning and operating on-site energy production facilities. SJI Midstream houses the company's interest in the PennEast Pipeline Project. Visit sjindustries.com for more information about SJI and its subsidiaries.
Source: South Jersey Industries