UGI Corporation
 | |
| Public | |
| Traded as | NYSE: UGI |
| Industry | Energy industry |
| Founded | 1882 |
| Headquarters | King of Prussia, Pennsylvania, United States |
Area served | Pennsylvania |
Key people | Lon Greenberg (Chairman & CEO); John Walsh (President & COO) Kirk Oliver (CFO) |
| Services | Electricity, natural gas, propane |
| Revenue | $8,277 millions in 2014[1] |
| $1,006 millions in 2014[2] | |
| $337 millions in 2014[3] | |
| 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).[4]
History
UGI was incorporated in 1882 as United Gas Improvement Co. It encouraged the formation of United Electric Company of New Jersey in 1899. Among the subsidiaries of Public Service Corporation, United Electric Company served as a holding company.[5]
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.[6]
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]
Operations
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.
UGI's propane holdings include control of AmeriGas Partners, L.P. NYSE: APU, 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 midstream assets in the Marcellus Shale producing region through their UGI Energy Services company, based in Wyomissing, Pennsylvania.
Management
Chairman is Lon R. Greenberg. President and CEO is John Walsh.
References
- ↑ https://www.nyse.com/quote/XNYS:UGI
- ↑ https://www.nyse.com/quote/XNYS:UGI
- ↑ https://www.nyse.com/quote/XNYS:UGI
- ↑ "Total to sell LPG distribution business in France to UGI Corp unit for 450mn euros". Pennsylvania Sun. Retrieved 3 July 2014.
- ↑ United Gas Improvement, Wall Street Journal, October 8, 1904, pg. 5.
- ↑ United Gas Improvement, Wall Street Journal, April 17, 1903, p. 5.
- ↑ Pittsburgh Firm Sues United Gas Improvement On Antitrust Charges, Wall Street Journal, October 7, 1964, p. 18.
- ↑ FPC Steps To Regulate Natural Gas Rates Are Approved in full by the Supreme Court, Wall Street Journal, May 7, 1968, pg. 4.
- ↑ UGI Corp., The Wall Street Journal, November 15, 1968, p. 35.
- ↑ United Gas Improvement Proposes Name Change, The Wall Street Journal, February 28, 1968, p. 25.