UGI Corporation (UGI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la distribution d'énergie, UGI Corporation est une puissance multiforme, naviguant stratégiquement dans le paysage complexe des services publics et des solutions d'énergie renouvelable. En tirant parti d'un modèle commercial innovant qui s'étend sur plusieurs segments de clients et marchés géographiques, UGI s'est positionné comme un fournisseur d'énergie polyvalent capable de fournir des options énergétiques fiables, durables et flexibles. Des consommateurs résidentiels aux géants industriels, l'approche complète de la gestion de l'énergie de l'entreprise représente un plan convaincant pour les entreprises de services publics modernes, mélangeant les infrastructures traditionnelles avec des technologies renouvelables de pointe.

UGI Corporation (UGI) - Modèle d'entreprise: partenariats clés

Entreprises de services publics et distributeurs d'énergie

UGI collabore avec des sociétés de services publics à travers la Pennsylvanie, le Maryland, la Virginie et d'autres États du Nord-Est. En 2022, UGI dessert environ 500 000 clients de gaz naturel et 265 000 clients électriques.

État	Clients de gaz	Type de service
Pennsylvanie	376,000	Répartition du gaz naturel
Maryland	62,000	Répartition du gaz naturel
Virginie	42,000	Répartition du gaz naturel

Infrastructures de gaz naturel et opérateurs de pipeline

UGI s'associe aux principaux opérateurs de pipelines pour assurer une transmission de gaz fiable.

• Transco Pipeline (Williams Companies)
• Columbia Gas Transmission
• Gazoduc du Tennessee

Fournisseurs de technologies d'énergie renouvelable

UGI a investi 78,4 millions de dollars dans les infrastructures d'énergie renouvelable en 2022, collaborant avec les fournisseurs de technologies.

Partenaire technologique	Focus d'investissement	Montant d'investissement
Fleurir l'énergie	Piles à combustible à oxyde solide	22,6 millions de dollars
Premier solaire	Technologie photovoltaïque	35,2 millions de dollars
Vestas Wind Systems	Technologie d'éoliennes	20,6 millions de dollars

Consommateurs de gaz agricole et industriel

UGI fournit des gaz à divers secteurs industriels et agricoles.

• Entreprises de transformation des aliments
• Opérations de serre agricole
• Installations de fabrication

Organes de réglementation de l'énergie locale et des États

UGI maintient la conformité aux exigences réglementaires dans plusieurs juridictions.

Agence de réglementation	Juridiction	Focus de la conformité
Commission des services publics de Pennsylvanie	Pennsylvanie	Réglementation des taux
Commission de la fonction publique du Maryland	Maryland	Normes de service
Commission de Virginia State Corporation	Virginie	Développement des infrastructures

UGI Corporation (UGI) - Modèle d'entreprise: activités clés

Distribution du gaz naturel et services de vente au détail

UGI exploite des réseaux de distribution de gaz naturel dans plusieurs États, desservant environ 717 000 clients en Pennsylvanie en 2023. Les revenus annuels de distribution du gaz naturel ont atteint 1,28 milliard de dollars au cours de l'exercice 2023.

Aire de service	Les clients servis	Revenus annuels
Pennsylvanie	717,000	1,28 milliard de dollars

Marketing et distribution au propane

Le segment du propane d'UGI dessert plus de 1,2 million de clients dans 18 États via Amerigas, le plus grand distributeur de propane des États-Unis.

• Volume total de propane: 525 millions de gallons par an
• Clients résidentiels de propane: 900 000
• Clients commerciaux de propane: 300 000

Production d'électricité et développement des énergies renouvelables

UGI investit dans des projets d'énergie renouvelable avec une capacité actuelle d'énergie renouvelable de 48 mégawatts.

Type d'énergie renouvelable	Capacité	Investissement
Solaire	32 MW	62 millions de dollars
Vent	16 MW	38 millions de dollars

Gestion des infrastructures énergétiques

UGI maintient plus de 12 500 miles de pipelines de distribution de gaz naturel et d'infrastructures d'une valeur d'environ 3,6 milliards de dollars.

Maintenance et expansion des services de services publics

Dépenses en capital annuelles pour la maintenance et l'expansion des infrastructures: 450 millions de dollars au cours de l'exercice 2023.

• Projets de remplacement du pipeline: 120 miles par an
• Investissement de modernisation des infrastructures: 180 millions de dollars
• Nouvelles installations de connexion de service: 15 000 par an

UGI Corporation (UGI) - Modèle d'entreprise: Ressources clés

Réseau de distribution du gaz naturel

UGI exploite un réseau de distribution de gaz naturel couvrant plusieurs états, avec des détails d'infrastructure spécifiques:

Métrique du réseau	Données quantitatives
Miles de distribution du gaz naturel total	14 200 miles
Territoires de service	Pennsylvanie, Maryland, Virginie
Clients connectés	Plus de 730 000 clients résidentiels et commerciaux

Installations de stockage et de transport au propane

L'infrastructure propane d'UGI comprend:

• Capacité totale de stockage du propane: 82 millions de gallons
• Nombre de terminaux de distribution: 42
• Véhicules de flotte pour le transport au propane: 650 camions spécialisés

Infrastructure énergétique et actifs de pipeline

Catégorie d'infrastructure	Mesure quantitative
Actifs de pipeline	Environ 7 300 miles de pipelines de transmission et de rassemblement
Stations de compression	16 stations de compression opérationnelle
Installations de stockage	3 installations de stockage de gaz naturel souterrain

Main-d'œuvre technique et opérationnelle qualifiée

Composition de la main-d'œuvre d'UGI:

• Total des employés: 13 400
• Pourcentage de personnel technique: 62%
• Années moyennes d'expérience de l'industrie: 14,5 ans

Capacités financières et investissements solides

Métrique financière	2023 données
Actif total	12,4 milliards de dollars
Dépenses en capital annuelles	1,2 milliard de dollars
Capitaux propres des actionnaires	4,6 milliards de dollars
Cote de crédit	BBB + (Standard & Pauvre)

UGI Corporation (UGI) - Modèle d'entreprise: propositions de valeur

Solutions énergétiques fiables et abordables

UGI Corporation fournit des solutions énergétiques avec les mesures financières suivantes:

Métrique	Valeur 2023
Revenus totaux	8,14 milliards de dollars
Volume de livraison d'énergie	232,1 milliards de pieds cubes
Taux de client résidentiel moyen	0,12 $ par kilowatt-heure

Portfolio d'énergie diversifié

Composition du portefeuille d'énergie d'UGI:

• Gaz naturel: 65%
• Propane: 22%
• Énergie renouvelable: 13%

Services publics complets

Segment de clientèle	Nombre de clients
Clients résidentiels	1,2 million
Clients commerciaux	87,000
Clients industriels	5,400

Prestation d'énergie durable

Mesures de durabilité:

• Réduction des émissions de carbone: 22% depuis 2010
• Investissement en énergies renouvelables: 340 millions de dollars
• Projets d'énergie verte: 7 initiatives actives

Options d'énergie flexibles

Marché géographique	Couverture de service
Pennsylvanie	Couverture de 85%
Maryland	Couverture de 42%
Autres États	23 États supplémentaires

UGI Corporation (UGI) - Modèle d'entreprise: relations clients

Contrats de services à long terme avec des clients industriels

UGI Corporation maintient environ 35 000 contrats clients industriels et commerciaux dans ses territoires de service. La durée moyenne du contrat est de 7,2 ans, la valeur totale du contrat est estimée à 425 millions de dollars par an.

Type de contrat	Nombre de clients	Valeur du contrat moyen
Contrats énergétiques industriels	12,500	185 $ par MWh
Contrats d'énergie commerciale	22,500	95 $ par MWh

Support client et plateformes de gestion de l'énergie

UGI exploite une plate-forme de support client numérique avec une disponibilité 24h / 24 et 7j / 7, gérant environ 215 000 interactions client tous les mois.

• Prise en charge du téléphone: 85 000 interactions
• Chat en ligne: 65 000 interactions
• Assistance par e-mail: 45 000 interactions
• Prise en charge des applications mobiles: 20 000 interactions

Services de consultation en énergie personnalisés

UGI fournit des services de consultation en énergie personnalisés à 45 000 clients résidentiels et commerciaux chaque année, avec un coût de consultation moyen de 125 $ par session.

Segment de clientèle	Consultations fournies	Coût de consultation moyen
Clients résidentiels	32,000	$95
Clients commerciaux	13,000	$185

Outils de facturation numérique et d'engagement client

La plate-forme numérique d'UGI dessert 680 000 clients avec des fonctionnalités de facturation et d'engagement en ligne. Le taux d'adoption numérique est de 72% entre les territoires de service.

• Paiement de facture en ligne: taux d'utilisation de 92%
• Téléchargements d'applications mobiles: 215 000 utilisateurs actifs
• Facturation par e-mail: 465 000 clients

Programmes énergétiques axés sur la communauté

UGI investit 3,2 millions de dollars par an dans des programmes communautaires d'efficacité énergétique et de durabilité, desservant environ 55 000 participants.

Type de programme	Participants	Investissement annuel
Rebouins de l'efficacité énergétique	35,000	1,8 million de dollars
Programmes d'énergie renouvelable	20,000	1,4 million de dollars

UGI Corporation (UGI) - Modèle d'entreprise: canaux

Équipes de vente directes

UGI exploite une équipe de vente directe complète sur plusieurs segments d'entreprise:

Canal de vente	Nombre de représentants commerciaux	Zone de couverture
Services publics	387	Pennsylvanie, Maryland, Virginie
Distribution de propane	612	13 États à travers les États-Unis
Propane international	156	France, Belgique, Luxembourg

Portails de service à la clientèle en ligne

UGI maintient les plateformes numériques pour les interactions des clients:

• Portail client myugi.com
• Site Web sensible au mobile
• Système de paiement des factures en ligne
• Suivi de la consommation d'énergie numérique

Métriques de plate-forme numérique	2023 données
Visiteurs mensuels du site Web	742,000
Utilisateurs de factures en ligne	386,000
Téléchargements d'applications mobiles	214,000

Applications mobiles

UGI fournit des services d'application mobile:

• Application mobile UGI Utilities
• Application mobile Amerigas
• Gestion du compte client
• Soumissions de demande de service

Bureaux de services publics locaux

UGI maintient les emplacements physiques du service client:

Région	Nombre de bureaux	Heures de service à la clientèle
Pennsylvanie	27	8h00 - 17h00
Maryland	12	8h00 - 17h00
Virginie	8	8h00 - 17h00

Courtiers et distributeurs d'énergie tiers

UGI collabore avec des partenaires de distribution externes:

Type de partenaire	Nombre de partenaires	Volume de distribution annuel
Courtiers en énergie	126	1,2 million de MMBTU
Distributeurs en gros	84	2,4 millions de MMBTU

UGI Corporation (UGI) - Modèle d'entreprise: segments de clientèle

Consommateurs d'énergie résidentielle

UGI dessert environ 547 000 clients de gaz naturel à travers la Pennsylvanie, le Maryland et la Virginie en 2023. Le segment résidentiel représente 71% de leur volume de distribution de gaz naturel.

Caractéristique du segment	Données statistiques
Clients résidentiels totaux	547,000
Volume de distribution de gaz résidentiel	71%
Dépenses d'énergie résidentielle annuelle moyenne	$1,247

Entreprises commerciales et industrielles

UGI fournit des services énergétiques à 63 400 clients commerciaux et industriels dans plusieurs États.

• Les clients commerciaux représentent 22% du volume total de distribution de gaz
• Le segment industriel génère environ 412 millions de dollars de revenus annuels
• Servit diverses industries, notamment la fabrication, les soins de santé et l'hospitalité

Secteur agricole

UGI prend en charge environ 5 200 clients agricoles avec des solutions énergétiques spécialisées.

Métriques des clients agricoles	Points de données
Clients agricoles totaux	5,200
Volume de distribution des gaz agricoles	4%
Investissement annuel de l'énergie agricole	87 millions de dollars

Entités municipales et gouvernementales

UGI dessert 142 clients municipaux et gouvernementaux à travers la Pennsylvanie et les régions environnantes.

• Le secteur gouvernemental représente 3% du volume de distribution total
• Fournit des services d'infrastructure énergétique et de conseil
• Valeur du contrat énergétique municipal annuel: 56 millions de dollars

Fournisseurs de services publics et d'énergie

UGI prend en charge 38 fournisseurs de services publics et de services énergétiques grâce à des accords de gros et de partenariat.

Métriques du segment des fournisseurs	Données numériques
Partners des services publics totaux	38
Distribution d'énergie en gros	276 millions de dollars
Zone de couverture de partenariat	6 États du nord-est

UGI Corporation (UGI) - Modèle d'entreprise: Structure des coûts

Maintenance et développement des infrastructures

UGI Corporation a déclaré des dépenses en capital de 390,5 millions de dollars au cours de l'exercice 2023. La répartition des investissements des infrastructures comprend:

Catégorie d'infrastructure	Montant d'investissement
Infrastructure de gaz naturel	215,3 millions de dollars
Réseau de distribution de propane	87,6 millions de dollars
Mises à niveau des infrastructures numériques	55,2 millions de dollars
Modernisation de la grille utilitaire	32,4 millions de dollars

Gas naturel et achat de propane

Les coûts d'approvisionnement de l'UGI en 2023 ont totalisé 1,87 milliard de dollars, avec la distribution suivante:

• Aachat au gaz naturel: 1,24 milliard de dollars
• Procurement au propane: 630 millions de dollars

Salaires et formation des employés

Total des dépenses du personnel pour UGI Corporation au cours de l'exercice 2023:

Catégorie de dépenses	Montant
Salaires totaux des employés	412,3 millions de dollars
Avantages sociaux	98,6 millions de dollars
Formation et développement	7,2 millions de dollars

Frais de conformité réglementaire

Dépenses liées à la conformité pour 2023:

• Conformité environnementale: 22,5 millions de dollars
• Coûts de réglementation de sécurité: 16,8 millions de dollars
• Représentation juridique et réglementaire: 9,3 millions de dollars

Investissements technologiques et infrastructures numériques

Répartition des dépenses technologiques pour 2023:

Catégorie de technologie	Montant d'investissement
Améliorations de la cybersécurité	18,7 millions de dollars
Mises à niveau des logiciels d'entreprise	12,4 millions de dollars
Systèmes de gestion des clients	8,9 millions de dollars
Plateformes d'analyse de données	6,5 millions de dollars

UGI Corporation (UGI) - Modèle d'entreprise: Strots de revenus

Frais de distribution du gaz naturel

UGI Corporation a généré 1,2 milliard de dollars de revenus de distribution de gaz naturel au cours de l'exercice 2023. La société dessert environ 500 000 clients de gaz naturel à travers la Pennsylvanie.

Région	Clients du gaz naturel	Revenus annuels
Pennsylvanie	500,000	1,2 milliard de dollars

Ventes au propane

Le segment du propane d'UGI a déclaré 2,3 milliards de dollars de revenus totaux pour 2023. La société distribue du propane à environ 1,7 million de clients dans plusieurs États.

• Clients totaux de propane: 1,7 million
• Revenus de ventes annuels du propane: 2,3 milliards de dollars
• Volume moyen des ventes de propane: 525 millions de gallons par an

Contrats de service énergétique

UGI Energy Services a généré 650 millions de dollars de revenus de contrats énergétiques commerciaux et industriels en 2023.

Frais de transmission des services publics

Les revenus de transmission des services publics ont atteint 380 millions de dollars au cours de l'exercice 2023, ce qui représente 8,5% de la source de revenus totale de l'UGI.

Génération et ventes d'énergie renouvelable

Le segment des énergies renouvelables d'UGI a produit 145 millions de dollars de revenus, la production solaire et éolienne contribuant à ce total.

Type d'énergie renouvelable	Capacité de production	Revenu
Solaire	75 MW	85 millions de dollars
Vent	50 MW	60 millions de dollars

UGI Corporation (UGI) - Canvas Business Model: Value Propositions

You're looking at the core promises UGI Corporation makes to its customers, grounded in the numbers from their fiscal year 2025 performance. Honestly, the value proposition is built on a foundation of essential service delivery across diverse energy types.

Safe, reliable, and affordable delivery of essential energy services.

UGI Corporation focuses on keeping the lights on and the heat running safely. The regulated utility business is a key part of this, supported by capital investments. For instance, UGI Utilities filed for an overall distribution rate increase of approximately $110 million with the PA Public Utility Commission on January 27, 2025, to support system improvements. The company generated approximately $530 million of free cash flow in fiscal 2025, inclusive of cash from asset sales, which helps fund these ongoing commitments. The regulated utilities segment posted a record EBIT of $403 million in fiscal 2025, showing operational strength in this core area.

Diversified energy supply including natural gas, LPG, and electricity.

The diversification across natural gas, LPG, and electricity provides stability, which was evident in the fiscal 2025 results where the diversified portfolio demonstrated strength. You see this mix in the customer base and throughput volumes:

Energy Segment / Metric	Customer Count (Approximate)	FY 2025 Throughput/Volume Context
Natural Gas Utility (PA/MD)	Over 689,000 customers	Total Gas Utility system throughput was 378 billion of cubic feet
West Virginia Gas Utility (Mountaineer)	Nearly 210,000 customers	Total margin increased due to higher core market volumes and higher gas base rates in West Virginia
Global LPG Business (AmeriGas & International)	Approximately 1.1 million customers	AmeriGas EBIT increased 17% to $166 million in FY 2025
Electricity Utility (PA)	Over 62,900 customers	Service provided through approximately 2,700 miles of transmission and distribution lines

This broad reach, serving over 2.5 million individuals and businesses globally, is a key characteristic.

Commitment to sustainability through Renewable Natural Gas (RNG) offerings.

UGI Corporation is actively building out its renewable energy component. The Midstream & Marketing segment realized a $66 million increase in investment tax credits associated with RNG facilities that were placed into service during fiscal 2025. UGI Utilities is already using RNG from sources like the Keystone Landfill, which reduces CO2 emissions equivalent to taking 67,000 passenger vehicles off the road over a calendar year. Historically, the company had targeted investing more than $1 billion in renewable gas through 2025.

Consistent energy supply for residential heating and cooking.

Residential customers are the backbone of the utility operations. In 2023, residential customers accounted for 71% of the natural gas distribution volume. The utility segment benefited from colder weather in fiscal 2025, with core market volumes increasing 10% year-over-year, reflecting strong demand for heating. The company delivered adjusted diluted EPS of $3.32 for the full fiscal year 2025, showing the overall business supported shareholder returns despite weather variability.

Tailored, cost-effective energy solutions for commercial and industrial clients.

The commercial and industrial (C&I) customer base is a significant B2B component. There are 63,400 such customers relying on UGI's energy services in the utility operations. The Midstream & Marketing segment also retails natural gas to industrial customers at fixed prices. The overall reportable segments EBIT for fiscal 2025 was $1,176 million.

The company's focus on operational improvements, such as the redesign of business processes at AmeriGas, aims to enhance service quality, which helps retain these valuable customers.

UGI Corporation (UGI) - Canvas Business Model: Customer Relationships

Regulated, long-term relationships with utility customers define a core part of UGI Corporation (UGI) Utilities' business.

UGI Utilities served a total of 688,591 customers as of September 30, 2024. UGI Corporation is recognized as the second largest regulated gas utility in Pennsylvania and the largest regulated gas utility in West Virginia. For the regulated utility operations, authorized gas Return on Equity (ROE) targets were 10.15% in Pennsylvania and 9.75% in West Virginia. As of January 27, 2025, UGI Utilities filed a gas base rate case with the PA Public Utility Commission, requesting an overall distribution rate increase of approximately $110 million.

UGI Corporation maintains several customer assistance programs for low-income households, directly linking service reliability to community support.

The UGI Customer Assistance Program (CAP) is available to income-eligible residential natural gas or electric customers with household income at or below 150% of the Federal Poverty Income Guidelines (FPG). For the 2024-2025 period, this meant a family of four could have an annual income up to $48,225 to qualify for CAP.

The Operation Share Energy Fund provides grants to qualified customers with household income verified at or below 250% FPG. For a family of four, this income threshold was up to $6,698 monthly in the 2024-2025 guidelines. Furthermore, the Low-Income Usage Reduction Program (LIURP) assists customers whose gross annual income is within 200% of the FPG. In 2024, UGI expanded its social impact, reporting over $2.8 million in community contributions.

Direct sales and service are executed through the AmeriGas and UGI International branches, which serve a vast, geographically diverse customer base.

AmeriGas Propane, the largest retail LPG distributor in the U.S. by volume distributed annually, maintains a broad geographic footprint with approximately 1,360 distribution locations serving customers across all 50 states. UGI International distributes LPG in 16 countries throughout Europe. For Fiscal 2024, UGI International's LPG volume sales were segmented as follows:

Customer Type (UGI International)	FY 2024 Volume Percentage
Commercial and Industrial (C&I)	49%
Residential	15%
Other (Agricultural, Wholesale, Autogas, etc.)	36%

UGI Corporation is focused on digital self-service portals for billing and account management, supporting its goal of outstanding customer satisfaction. While specific portal usage statistics aren't public, the company's overall financial strength supports this infrastructure; for fiscal year ended September 30, 2025, UGI reported an adjusted net income of $728 million.

For large Commercial and Industrial (C&I) clients, UGI utilizes dedicated account management structures within its business units. UGI International allocated 49% of its Fiscal 2024 LPG volume to C&I customers. Separately, UGI Energy Services runs a natural gas marketing business that retails natural gas to industrial customers at fixed prices. The overall UGI Corporation business generated reportable segments Earnings Before Interest Expense and Income Tax (EBIT) of $1,176 million for fiscal year 2025.

You should review the capital allocation strategy to see how infrastructure investment supports service quality going into 2026. Finance: draft 13-week cash view by Friday.

UGI Corporation (UGI) - Canvas Business Model: Channels

You're looking at how UGI Corporation gets its energy products and services-natural gas, electricity, and propane-into the hands of its customers. It's a mix of heavy infrastructure and retail presence, which is key to their diversified model.

Direct physical delivery via natural gas pipelines and electric grids is managed primarily through UGI Utilities, Inc. This involves a vast network of owned and operated infrastructure.

• UGI's natural gas system spans more than 13,000 miles of distribution main, serving customers in portions of 46 counties in Pennsylvania and one county in Maryland.
• As of late 2025, over 90 percent of UGI Utilities' 13,000 miles of pipelines are made of contemporary material.
• For electric utility service, UGI Utilities operates over 2,200 miles of transmission and distribution lines and 13 substations.
• In Fiscal 2024, the PA Gas Utility system throughput, the total volume of gas sold or transported, was approximately 327 Bcf.

The propane side relies heavily on AmeriGas's retail propane tank exchange and delivery network. AmeriGas Propane is the nation's largest retail propane marketer.

• As of September 30, 2024, AmeriGas's ACE propane tank exchange program cylinders were available at over 47,000 retail locations across the U.S..
• The Cynch propane home delivery service was available in 20 cities as of September 30, 2024.
• UGI International, the European arm, distributes liquefied petroleum gas (LPG) in 16 countries across western and central Europe, operating under six distinct brands.
• In Fiscal 2024, UGI International sold approximately 875 million gallons of LPG throughout Europe.

UGI uses its physical assets to support its customer service operations, which involve both customer service centers and field service teams.

Segment/Function	Metric/Data Point	Value/Amount
UGI Utilities Gas Customers	Total Customers Served (as of late 2024)	More than 642,000
UGI Utilities Electric Employees	Field Service/Operations Staff (as of late 2024)	Approximately 80
UGI Call Center	Customer Care Team Size (as of Oct 2025)	More than 100 members
UGI Utilities Customer Survey	Residential Customers Surveyed (Escalent Study)	59,377

Finally, interaction with customers is supported by online and mobile platforms for customer interaction, though specific usage numbers aren't always public. The company is investing in technology to improve service, as evidenced by the recognition of UGI Utilities as a 'Customer Champion'.

• UGI Corporation delivers energy solutions to more than 2.5 million customers across its entire footprint.
• For utility service issues, customers can call the emergency line at 800-276-2722.

UGI Corporation (UGI) - Canvas Business Model: Customer Segments

You're looking at the customer base of UGI Corporation (UGI) as of late 2025, which is quite broad, spanning regulated utilities, global LPG distribution, and midstream services. Honestly, the diversity is key to their structure.

The utility segment shows clear growth in its core service area. For the fiscal year 2025, the utility segment added over 11,500 residential customers. This is a tangible measure of their regulated business expansion.

Beyond residential, the Commercial and Industrial (C&I) utility customer base is substantial. UGI Corporation has over 63,400 C&I utility customers relying on their natural gas services for operations.

The propane side of the business, which includes AmeriGas and UGI International, serves a massive, diverse group. Globally, the company serves approximately 1.1 million customers through its global liquefied petroleum gas (LPG) business across 50 U.S. states and 16 European countries. This group includes several distinct types of users:

• Residential customers utilizing propane for heating and other needs.
• Commercial and Industrial (C&I) users requiring bulk or cylinder propane.
• Agricultural operations utilizing propane for various needs.
• Wholesale customers purchasing propane in volume.

Specifically within the LPG customer base, UGI supports around 5,200 agricultural clients. This segment is crucial for their non-utility energy offerings.

UGI Corporation also serves the public sector. The company provides services to 142 municipal and government entities. A concrete example of this is the recent partnership where UGI Energy Services will supply Renewable Natural Gas (RNG) to the City of Philadelphia to power 35 of its Compressed Natural Gas (CNG)-powered trash compactors.

The Midstream & Marketing segment targets business customers through different channels. This segment serves nearly 10,800 residential, commercial, and industrial customers across approximately 40,000 locations, often through natural gas marketing or midstream asset utilization.

Here's a quick breakdown of the scale across some of these segments as of the latest available data:

Customer Group/Metric	Count/Value	Segment Context
Total Global Customers	Exceeding 2.5 million	All individuals and businesses globally
C&I Utility Customers	Over 63,400	UGI Utilities segment
Global LPG Customers	Approximately 1.1 million	AmeriGas and UGI International
Agricultural LPG Clients	Around 5,200	Part of the Global LPG customer base
Municipal/Government Entities Served	142	Across utility and energy services
Midstream & Marketing Locations Served	Approximately 40,000	RCI customers served by Midstream & Marketing

To be fair, the utility customer count growth of approximately 9,000 residential heating and commercial customers year-to-date in fiscal 2025 provides context for the 11,500 figure you mentioned, showing consistent, albeit varying, acquisition rates.

Finance: draft 13-week cash view by Friday.

UGI Corporation (UGI) - Canvas Business Model: Cost Structure

You're looking at the major drains on UGI Corporation's cash flow for the fiscal year ended September 30, 2025. The cost structure is heavily weighted toward energy sourcing and maintaining a vast, aging infrastructure. It's a utility business reality.

Commodity procurement costs represent the single largest variable expense for UGI Corporation, encompassing natural gas and LPG purchases. While the exact dollar amount for total commodity procurement isn't broken out separately in the latest reports, you can gauge the scale of operations before these costs by looking at the Earnings Before Interest Expense and Income Tax (EBIT), which was reported at $1,176 million for fiscal year 2025. The company uses derivative instruments to manage this primary market risk.

Significant capital expenditure for infrastructure modernization is a non-negotiable cost. For fiscal year 2025, UGI Corporation deployed roughly $900 million of capital overall. The utility segment was the primary focus, investing approximately $560 million, largely dedicated to replacing and upgrading the gas distribution infrastructure. Looking ahead, the company has a substantial deployment plan, targeting about $4.7 billion in capital expenditure across FY26 through FY29.

Operating and administrative expenses (OPEX) saw increases driven by rising costs across the board. Specifically within the utility segment for fiscal 2025, OPEX increased by $25 million. This rise reflects higher personnel expenses, increased general insurance costs, and greater maintenance expenses.

Depreciation and amortization (D&A) is a direct consequence of the extensive asset base and ongoing investment. In the Utilities segment alone, higher depreciation expense of $12 million was recorded in FY 2025, directly resulting from the continued distribution system capital expenditure activity.

Interest expense on debt is definitely a factor given the company's leverage profile. UGI Corporation ended fiscal 2025 with a leverage ratio of 3.9x (net debt to Adjusted EBITDA). This level of debt means interest payments are a material cost, though the company's EBIT covered its interest expense 3.2 times over in the period.

Here's a quick look at some of the key financial figures impacting the cost side of the ledger for UGI Corporation in FY 2025:

Cost Component Metric	FY 2025 Amount/Ratio	Context/Segment
Reportable Segments EBIT	$1,176 million	Before Interest and Tax
Total Capital Expenditure	Roughly $900 million	Total Deployment
Utility Capital Expenditure	Approximately $560 million	Gas Distribution Modernization
Utility OPEX Increase	$25 million	Increase over Prior Year
Utility Depreciation Expense Increase	$12 million	From Capital Activity
UGI Corporation Leverage Ratio	3.9x	Net Debt to Adjusted EBITDA
EBIT Interest Coverage Ratio	3.2x	Times EBIT covers interest expense

UGI Corporation (UGI) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that fuel UGI Corporation's operations for fiscal year 2025, which ended September 30, 2025. The revenue streams are clearly segmented across regulated and unregulated energy businesses, which helps balance performance across different economic cycles.

The regulated side, the Utilities segment, is a bedrock, reporting record EBIT of $403 million in FY 2025, which was up $3 million over the prior year. This segment's total margin increased by $39 million, largely driven by a 10% increase in core market volumes from colder than prior year weather, higher gas base rates in West Virginia, and continued customer growth. The regulated gas utility added over 11,500 new residential heating and commercial customers during the year, growing its customer base to roughly 967,000 customers across Pennsylvania, West Virginia, and Maryland.

The retail propane business, AmeriGas, also contributed significantly to the bottom line. AmeriGas generated strong results with an EPS contribution of $0.27, benefiting from operational momentum and income tax benefits, including from the effect of the One Big Beautiful Bill Act, which restored interest expense deductibility. The AmeriGas segment achieved a $24 million increase in EBIT.

Midstream services and energy marketing fees flow through the Midstream & Marketing segment. This segment reported an EBIT of $293 million, which was down $20 million versus the prior year. This decrease was largely due to lower margin and reduced income from equity method investments, though increased margins from gas marketing activities partially offset a $22 million decrease in lower margins from natural gas gathering and processing operations and the 2024 divestiture of the power generation asset Hunlock Creek.

Here's a quick look at how the key segments contributed to the total reportable segments EBIT:

Segment	FY 2025 EBIT (Millions USD)	Year-over-Year EBIT Change (Millions USD)
Utilities	$403 million	Up $3 million
Midstream & Marketing	$293 million	Down $20 million
UGI International	$314 million	Down $9 million
Total Reportable Segments EBIT	$1,176 million	Down $20 million (from $1,178 million in prior year)

Overall, UGI Corporation's total revenue for FY 2025 was approximately $7.29 billion, a 1.07% increase from 2024. This top-line performance supported an Adjusted diluted EPS of $3.32 in fiscal 2025, which was $0.26 higher than the prior year. The company also generated robust cash flow, achieving approximately $530 million of free cash flow inclusive of cash generated from asset sales, while ending the year with available liquidity of approximately $1.6 billion.

The revenue stream composition is reflected in these key financial outcomes:

• Regulated natural gas and electric distribution sales (Utilities segment EBIT was $403 million in FY 2025).
• Retail propane sales and distribution fees (AmeriGas segment EBIT increased by $24 million).
• Midstream services (gathering, processing) and energy marketing fees (Midstream & Marketing segment EBIT was $293 million).
• Total revenue for FY 2025 was approximately $7.29 billion.
• Adjusted diluted EPS reached $3.32 in fiscal 2025.

Finance: review the impact of the $110 million gas base rate case filed in January 2025 on Q1 2026 regulated revenue projections by next Tuesday.