UGI

What UGI does

UGI Corporation is a publicly traded (NYSE: UGI) diversified energy holding company founded in 1882 and headquartered in King of Prussia, Pennsylvania. Through its operating subsidiaries, UGI delivers natural gas distribution, propane (LPG), and midstream energy services to residential, commercial, industrial, and emerging data center customers. The regulated utility platform — UGI Utilities (Pennsylvania and Maryland), Mountaineer Gas (West Virginia, acquired 2021 for $540 million) — serves over 975,000 gas customers across the mid-Atlantic and Northeast, supported by extensive pipeline infrastructure with direct access to Marcellus Shale production. AmeriGas Partners, the largest U.S. retail propane distributor, handles LPG distribution domestically, while UGI International historically managed European LPG operations across Central and Eastern Europe (now undergoing divestiture).

The company's revenue model is anchored in regulated rate-base utility economics (distribution tariffs approved by state commissions), supplemented by transaction-based LPG sales through AmeriGas and usage-based midstream services from UGI Energy Services, which is now positioning around hyperscale data center demand with planned midstream investment exceeding $100 million (Prime Data Centers partnership). UGI's go-to-market is a regulated utility model with limited consumer marketing and direct enterprise field sales to industrial customers, including large data center operators seeking behind-the-meter or direct-connect gas-fired generation. FY2025 reported revenue was $7.29–$7.34 billion with GAAP net income of $678 million; UGI has maintained 37 consecutive years of dividend increases and 55 consecutive years of dividend payments. Recent capital actions include a $610 million convertible note (2024), a €300 million senior note (May 2026), and a $500 million AmeriGas senior note plus $300 million parent equity contribution (May 2026), collectively refinancing near-term maturities.

The strategic posture in 2026 is one of focused portfolio reshaping: UGI is exiting non-core, lower-return businesses — divesting its Electric Division to Argo Infrastructure Partners for $470 million and selling Central European LPG assets to DCC plc for approximately €48 million — while reinvesting proceeds into regulated gas rate base and emerging data center infrastructure. Renewable energy investment exceeds $500 million and the company carries an MSCI AAA ESG rating, having surpassed all 2025 ESG targets ahead of schedule.

Name

UGI

Legal name

UGI Corporation

Website

https://ugicorp.com

Company type

Public

Founded year

1882

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

UGI Corporation is a holding company operating regulated natural gas utilities in Pennsylvania, Maryland, and West Virginia, propane distribution through AmeriGas, and midstream energy services, serving over 975,000 customers with 37 consecutive years of dividend increases.

Ownership category

akta.pro rank

Product category

Natural Gas Distribution Utilities

NAICS

Natural Gas Distribution (2212), Fuel Dealers (457210)

SIC

Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Regulated Natural Gas Utility (LDC) Customer Acquisition & Switching (EUAAADAA)

akta.pro secondary industries

Distributed Energy & Gas Solutions Sales (CHP, Microgrids, On-site Gas Supply) (EUAAADAJ), Biogas/RNG Plant Operations, Maintenance & Asset Management (EUAAAEAI)

Keywords

• Natural gas distribution
• Propane distribution
• Utility services
• Midstream energy infrastructure
• LPG distribution

Headquarters

HQ city

King Of Prussia

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain

Revenue model

1. Natural Gas Distribution: Regulated natural gas distribution through utility operations serving residential, commercial, and industrial customers across Pennsylvania, Maryland, and West Virginia. Revenue comes from distribution tariffs approved by state utility commissions.
2. LPG/Propane Distribution: Propane and LPG distribution through AmeriGas subsidiary serving residential, commercial, agricultural, and industrial customers across the United States and internationally through UGI International operations in Europe.
3. Midstream Energy Services: Natural gas supply infrastructure and midstream services for large energy consumers including data centers, leveraging access to Marcellus Shale gas reserves and interstate pipeline infrastructure.
4. Renewable Energy Investment: Investment in renewable energy projects as part of ESG commitments and energy transition strategy, with over $500 million invested in renewable energy projects.

Go-to-market motion1 record

Distribution channels1 record

Core offering

UGI Corporation is a diversified energy holding company that distributes natural gas through regulated utilities serving over 760,000 customers across Pennsylvania, Maryland, and West Virginia. Through its AmeriGas subsidiary, it is the largest U.S. retail propane distributor, and through UGI Energy Services it provides midstream natural gas supply infrastructure and storage capacity for large commercial, industrial, and data center customers. The company also operates international LPG distribution through UGI International, which is currently being divested to focus on regulated utilities and cleaner energy.

Product overview

UGI Corporation is a diversified energy company operating as a platform of regulated and unregulated energy businesses. The core portfolio consists of UGI Utilities (natural gas distribution serving Pennsylvania and Maryland customers), Mountaineer Gas (West Virginia gas distribution acquired in 2021), AmeriGas Propane (domestic LPG/propane distribution), and UGI Energy Services (midstream infrastructure and supply). The company has been undergoing strategic portfolio reshaping, divesting its Electric Division and international LPG operations to focus on regulated natural gas utilities. UGI International manages European LPG distribution across Central and Eastern Europe.

Differentiator

Problem solved

Functional benefit

Brands

• UGI Utilities: Natural gas and electric utility services in Pennsylvania and Maryland
• Mountaineer Gas

Products and services

• UGI Utilities (Natural Gas Distribution)

Quantifiable outcome

• 5% EBIT growth in Q1 fiscal 2026 despite revenue miss
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core and strategic.

• Prime Data CenterscoreStrategic or Co-development Partner · 6 May 2026UGI Energy Services formed strategic partnership with Prime Data Centers to develop natural gas supply infrastructure in Pennsylvania's northern tier for a proposed gas-fueled electric generation facility serving hyperscale data center operations. UGI will sell property to Prime for the facility while retaining approximately 15 billion cubic feet of underground storage capacity and associated rights. Prime's natural gas demand is projected to exceed 100,000 dekatherms per day within three to five years. UGI's planned investment exceeds $100 million.
• DCC plcstrategicStrategic or Co-development Partner · 4 February 2026UGI International announced a definitive agreement to sell its LPG distribution businesses in Czech Republic, Hungary, Poland, and Slovakia to DCC plc for approximately €48 million, expected to close in the first half of 2026. This is part of UGI's portfolio reshaping toward regulated utilities and cleaner energy.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Spire Inc. Natural gas distribution utility serving Missouri, Alabama, and Mississippi with both regulated gas utility and gas marketing businesses. Directly comparable to UGI's combination of regulated utility plus complementary energy services.
• Ferrellgas Partners (and Energy Transfer's propane platform): U.S. propane distributor competing directly with AmeriGas in residential, commercial, and agricultural markets. Comparable to UGI's AmeriGas propane distribution segment in customer mix and product offering.
• New Jersey Resources: Natural gas distribution utility with clean energy ventures and storage/midstream businesses operating in the Mid-Atlantic. Comparable to UGI's regulated gas distribution plus midstream/energy services structure.
• Northwest Natural Gas Company: Regulated natural gas distribution utility serving Oregon, Washington, and Idaho with a long dividend history. Comparable to UGI in regulated LDC focus and income-oriented shareholder base.
• ONE Gas, Inc. Pure-play regulated natural gas utility serving Oklahoma, Kansas, and Texas. Comparable to UGI Utilities in regulatory model, customer base composition, and rate-case-driven earnings growth.
• Atmos Energy: Pure-play regulated natural gas LDC serving residential, commercial, and industrial customers across multiple U.S. states. Closest comparable to UGI Utilities in business model, regulated rate-base growth, and dividend track record.
• Southwest Gas Holdings: Natural gas distribution utility serving customers in Arizona, Nevada, and California. Comparable to UGI Utilities as a regulated LDC, though operating in a different geography with different regulatory dynamics.

Broad incumbents

• CenterPoint Energy: Regulated electric and natural gas utility serving customers across the Midwest, South, and Mid-Atlantic. Comparable to UGI in regulated gas distribution but with a larger electric utility platform and broader geography.
• Dominion Energy: Large U.S. utility with regulated gas distribution and electric operations concentrated in Virginia and the Mid-Atlantic. Comparable to UGI's regulated gas distribution exposure but with a much larger electric generation footprint.
• National Grid plc: Large multi-national regulated electric and gas utility with operations in the U.S. Northeast including New York and Massachusetts. Comparable to UGI's regulated utility operations but at a much larger scale and with broader geographic and product diversification.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ugi_utilities
• LinkedInlinkedin.com/company/ugi-corporation

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about UGI