UGI Corporation

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UGI Corporation
Public
Traded as NYSEUGI
S&P 400 Component
Industry Energy industry
Founded 1882
Headquarters King of Prussia, Pennsylvania, United States
Area served
Pennsylvania
Key people
Marv Schlanger (Chairman); John Walsh (President & CEO) Kirk Oliver (CFO)
Services Electricity, natural gas, propane
Revenue $8,277 millions in 2014[1]
$1,006 millions in 2014[1]
$337 millions in 2014[1]
Website http://www.ugicorp.com/

UGI Corporation is an LPG distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States, Europe and the United Kingdom. In July 2014 the company disclosed it was acquiring Totalgaz S.A.'s LPG distribution operations in France for €450 million ($615 million).[2]

History[edit]

UGI was incorporated in 1882 as United Gas Improvement Co. In 1903, United Gas Improvement owned the majority of the stock of the Equitable Illuminating Gas Light Company. The latter utility operated the Philadelphia Gas Works at the time.[3]

United Gas Improvement formed the United Electric Company of New Jersey in 1899. United Electric consolidated several electric and lighting utilities into a single holding company.[4] New Jersey's Public Service Corporation took over United Electric from UGI in 1907.[5][6] United Electric was ultimately merged into Public Service Electric & Gas.

In October 1964, Industrial Gases, Inc., of Pittsburgh filed an antitrust suit in federal district court charging United Gas Improvement with attempting to eliminate competition in sales of bottled propane gas in Pittsburgh.[7] The Philadelphia Gas Works division of UGI challenged a ruling of the Federal Power Commission. The FPC lowered the maximum price that natural gas producers could charge to sixteen cents per 1,000 cubic feet (28 m3) of gas. This mandate was upheld by the United States Supreme Court in May 1968.[8]

In February 1968, the company changed its name to UGI Corporation.[9][10]

UGI remains one of the lowest paying utility companies in the North East.

Operations[edit]

AmeriGas, Ypsilanti, MI

Under the UGI Utilities, Inc., UGI serves 570,000 natural gas and 60,000 electricity customers in eastern and central Pennsylvania, including customers of UGI Penn Natural Gas (formerly PG Energy) and UGI Central Penn Gas (formerly PPL Gas Utilities). UGI Utilities operates in the urban areas in and around Harrisburg, Lancaster, Reading, Allentown, Bethlehem, Easton, Hazleton, Wilkes Barre, Lock Haven, Pottsville, Stroudsburg, Lewistown, Huntingdon, Shippensburg, Lewisburg, Scranton and Williamsport.[11]

UGI's propane holdings include control of AmeriGas Partners, L.P. NYSEAPU, the largest propane marketer in the United States. UGI also owns AvantiGas, Antargaz and Flaga in Europe.

UGI also markets a variety of energy products and operates premier interstate and intrastate transmission and gas storage assets in the Marcellus Shale producing region through their UGI Energy Services company, based in Wyomissing, Pennsylvania.

Management[edit]

The information here is current to May, 2017

Marvin Schlanger has been non-executive Chairman of the Board since January 28, 2016, since the retirement of Lon Greenberg.[12] He was previously presiding director of the board during Greenberg's term as Executive Chair and later non-Executive Chair.[13]

John Walsh is President and CEO, succeeding Lon Greenberg on April 1, 2013.[14]

References[edit]

  1. ^ a b c "NYSE". www.nyse.com. Retrieved 9 June 2017. 
  2. ^ "Total to sell LPG distribution business in France to UGI Corp unit for 450mn euros". Pennsylvania Sun. Retrieved 3 July 2014. 
  3. ^ "United Gas Improvement: What the Company Did Last Year". The Wall Street Journal. 1903-04-17. p. 5. Retrieved 2017-05-14 – via Newspapers.com open access publication – free to read. 
  4. ^ "United Gas Improvement: Important Suit Involving United Electric". The Wall Street Journal. 1904-10-08. p. 5. Retrieved 2017-05-14 – via Newspapers.com open access publication – free to read. 
  5. ^ "Gold Bonds offered by United Electric Company of New Jersey". The New York Times. 1910-01-01. p. 15. Retrieved 2017-05-15 – via Newspapers.com open access publication – free to read. 
  6. ^ "Leased By Public Service: United Electric Company to be Taken Over for a Term of 999 Years". The New York Times. 1907-06-30. p. 9. Retrieved 2017-05-15 – via Newspapers.com open access publication – free to read. 
  7. ^ Pittsburgh Firm Sues United Gas Improvement On Antitrust Charges, Wall Street Journal, October 7, 1964, p. 18.
  8. ^ FPC Steps To Regulate Natural Gas Rates Are Approved in full by the Supreme Court, Wall Street Journal, May 7, 1968, pg. 4.
  9. ^ UGI Corp., The Wall Street Journal, November 15, 1968, p. 35.
  10. ^ United Gas Improvement Proposes Name Change, The Wall Street Journal, February 28, 1968, p. 25.
  11. ^ "Geographic Footprint". UGI. Retrieved October 4, 2017. 
  12. ^ "Stocks". Bloomberg.com. Retrieved 2017-05-14. 
  13. ^ "UGI Corporation SEC Form 8-K". Securities and Exchange Commission. 2015-11-16. Retrieved 2017-05-14. 
  14. ^ "UGI announces that Lon R. Greenberg will retire as Chief Executive Officer effective April 1, 2013". www.ugicorp.com. Retrieved 2017-05-14. 

External links[edit]