Risk Sleuth
UGI · 10-K filed 21 Nov 2025 · year to 30 Sep 2025

UGI

40 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.

Customers

AmeriGas Propane major customer

earns from · 5% of AmeriGas Propane’s consolidated revenues
With the exception of one customer representing 5% of AmeriGas Propane’s consolidated revenues, no other single customer represents more than 5% of AmeriGas Propane’s consolidated revenues.Business (Item 1)

Suppliers

Enterprise Products Operating LLC

depends on · approximately 18% of its propane supplynamed as a risk
In Fiscal 2025, AmeriGas Propane derived approximately 18% of its propane supply from Enterprise Products Operating LLC and approximately 12% of its propane supply from Crestwood Services LLC.Business (Item 1)

Crestwood Services LLC

depends on · approximately 12% of its propane supplynamed as a risk
In Fiscal 2025, AmeriGas Propane derived approximately 18% of its propane supply from Enterprise Products Operating LLC and approximately 12% of its propane supply from Crestwood Services LLC.Business (Item 1)

Texas Eastern Transmission, LP

depends on
For its transportation and storage functions, PA Gas Utility has long-term agreements with a number of pipeline companies, including Texas Eastern Transmission, LP, Columbia Gas Transmission, LLC, Transcontinental Gas Pipeline Company, LLC, Eastern Gas Transmission and Storage, Inc., Tennessee Gas Pipeline Company, L.L.C., and Energy Services and its subsidiaries (including UGI Storage Company and UGI Sunbury, LLC).Business (Item 1)

Columbia Gas Transmission, LLC

depends on
For its transportation and storage functions, PA Gas Utility has long-term agreements with a number of pipeline companies, including Texas Eastern Transmission, LP, Columbia Gas Transmission, LLC, Transcontinental Gas Pipeline Company, LLC, Eastern Gas Transmission and Storage, Inc., Tennessee Gas Pipeline Company, L.L.C., and Energy Services and its subsidiaries (including UGI Storage Company and UGI Sunbury, LLC).Business (Item 1)

Transcontinental Gas Pipeline Company, LLC

depends on
The gathering system delivers into both the Tennessee Gas and Transcontinental Gas pipelines and receives gas from Tennessee Gas Pipeline as part of a capacity lease with UGI Utilities.Business (Item 1)

Tennessee Gas Pipeline Company, L.L.C.

depends on
The gathering system delivers into both the Tennessee Gas and Transcontinental Gas pipelines and receives gas from Tennessee Gas Pipeline as part of a capacity lease with UGI Utilities.Business (Item 1)

Partners and platforms

PJM Interconnection

earns from
Electric Utility receives certain revenues collected by PJM, determined under a formulary rate schedule that is adjusted in June of each year to reflect annual changes in Electric Utility’s electric transmission revenue requirements, when its transmission facilities are used by third parties.Business (Item 1)

Also named by AEP, CEG, D, DUK, ED, EXC, FE, NRG and 5 more

Stonehenge Energy Holdings III LLC (Pine Run Midstream)

Including its joint venture with Stonehenge Energy Holdings III LLC in Pine Run Midstream, Energy Services’ subsidiary, UGI Appalachia, consists of 11 natural gas gathering systems with approximately 375 miles of natural gas gathering pipelines and gas compressors and one processing plant in southwestern Pennsylvania, eastern Ohio, and the panhandle of West Virginia.Business (Item 1)

Places

Europe

earns from · approximately 820 million gallons of LPGnamed as a risk
During Fiscal 2025, UGI International sold approximately 820 million gallons of LPG throughout Europe.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

France

concentrated in · more than 50% of their LPG needs from a single suppliernamed as a risk
Our international businesses are similarly dependent upon their LPG suppliers, with our businesses in Austria, Denmark, Finland and France purchasing more than 50% of their LPG needs from a single supplier.Risk factors (Item 1A)

Also named by ATR, BAM, DDOG, HROW, IDCC, MS, UBER, WAB and 1 more

Pennsylvania

concentrated in · approximately 694,000 customers
PA Gas Utility provides natural gas distribution services to approximately 694,000 customers in certificated portions of 46 eastern and central Pennsylvania counties through its distribution system.Business (Item 1)

Also named by AWK, CNX, DTM, EQT, FE, GMED, NFG, PEG and 6 more

West Virginia

operates in · approximately 210,000 customers
Mountaineer provides a regulated natural gas distribution business to approximately 210,000 customers in 50 of West Virginia’s 55 counties.Business (Item 1)

Also named by AM, AR, EQT, FE, NRP, NUE, UBSI

Marcellus Shale

depends onnamed as a risk
We obtain our supply from local Marcellus and Utica Shale sources, as well as other trading points in the U.S.Risk factors (Item 1A)

Also named by AM, CHRD, CNX, EQT, EXE, MPLX, RRC, WMB and 1 more

Utica Shale

operates in
The competition in the midstream segment is significant as more competitors seek opportunities offered by the development of the Marcellus and Utica Shales.Business (Item 1)

Also named by AM, CNX

Hazards

Warm winter weather

approximately 93% of PA Gas Utility’s operating incomenamed as a risk
For Fiscal 2025, approximately 60% of PA Gas Utility’s sales volume was supplied, and approximately 93% of PA Gas Utility’s operating income was earned, during the peak heating season from October through March.Business (Item 1)

Russia-Ukraine war

named as a risk
The acceleration of a global energy crisis, including as a result of restrictions on Russia’s energy exports, could similarly impact the geographies where we do business.Risk factors (Item 1A)

Also named by ADSK, ATR, AVAV, CSCO, CTVA, EMR, FIS, FLO and 21 more

Commodities and inputs

Natural gas

exposed to its pricenamed as a risk
Depending on the terms of our contracts with suppliers as well as our use of financial instruments to reduce volatility in the cost of LPG and natural gas, changes in the market price of LPG and natural gas can create margin payment obligations for us and expose us to increased liquidity risk.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Euro

exposed to its pricenamed as a risk
fluctuations in currency exchange rates, particularly the euro, which can affect demand for our products, increase our costs and adversely affect our profitability and reported results;Risk factors (Item 1A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Propane

exposed to its pricenamed as a risk
Because AmeriGas Propane’s profitability is sensitive to changes in wholesale propane costs, AmeriGas Propane generally seeks to pass on increases in the cost of propane to customers.Business (Item 1)

Also named by EMN, FLO, HESM, RRC, TRGP, WOR

Mont Belvieu, Texas propane

exposed to its pricenamed as a risk
Most of our domestic LPG product supply contracts permit suppliers to charge posted prices at the time of delivery or negotiated prices based on the current industry index prices established at major U.S. storage points such as Mont Belvieu, Texas or Conway, Kansas.Risk factors (Item 1A)

Liquefied petroleum gas (LPG)

exposed to its pricenamed as a risk
Because UGI International’s profitability is sensitive to changes in wholesale LPG costs, UGI International generally seeks to pass on increases in the cost of LPG to its customers.Business (Item 1)

Regulators

Pennsylvania Public Utility Commission (PAPUC)

subject to · $69.5 million annual base distribution rate increasenamed as a risk
On September 11, 2025, the PAPUC issued a final order approving a settlement of a base rate proceeding by PA Gas Utility that permitted PA Gas Utility to implement a $69.5 million annual base distribution rate increase beginning October 28, 2025.Business (Item 1)

Also named by AWK, EXC, NFG, PPL, RRC, WTRG

Maryland Public Service Commission (MDPSC)

subject tonamed as a risk
In our Utilities segment, our distribution operations are subject to regulation by the PAPUC, WVPSC and MDPSC, depending on the state in which the operations are located.Risk factors (Item 1A)

Also named by EXC, FE, NI, PEG

West Virginia Public Service Commission (WVPSC)

subject tonamed as a risk
Mountaineer is subject to regulation of rates and other aspects of its business by the WVPSC.Business (Item 1)

Also named by FE

Federal Energy Regulatory Commission (FERC)

subject to
Energy Services and its subsidiaries’ storage, LNG and portions of its midstream transmission operations are subject to regulation by FERC.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject to
Midstream & Marketing’s midstream assets include natural gas gathering pipelines and compression and processing in northeastern Pennsylvania, southwestern Pennsylvania, eastern Ohio and the panhandle of West Virginia that are regulated under federal pipeline safety laws and subject to operational oversight by both the Pipeline and Hazardous Materials Safety Administration and the state public utility commissions for the states in which the specific pipelines are located.Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Laws and programs

European Climate Law

subject to · at least 55% below 1990 levelsnamed as a risk
The European Climate Law also includes a 2030 GHG reduction target of at least 55% below 1990 levels as an intermediate target.Business (Item 1)

Also named by SLB

Pennsylvania Act 11 of 2012 (DSIC/LTIIP)

subject to · approximately $1.7 billion on DSIC-eligible property
PA Gas Utility projects spending approximately $1.7 billion on DSIC-eligible property identified within the five year LTIIP period.Business (Item 1)

Mountaineer IREP

subject to · revenue increase of $5.2 million
In July 2025, Mountaineer submitted its annual IREP filing to the WVPSC requesting a revenue increase of $5.2 million effective January 1, 2026, based on the forecasted 2026 calendar year IREP-eligible capital investments of $77 million and recovery of eligible costs.Business (Item 1)

CERCLA

subject tonamed as a risk
Most of the costs we incur to remediate sites outside of Pennsylvania cannot currently be recovered in PAPUC rate proceedings, and insurance may not cover all or even part of these costs.Risk factors (Item 1A)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

Dodd-Frank Act

subject tonamed as a risk
Our derivative hedging activities are subject to Title VII of the Dodd-Frank Act, which regulates the over-the-counter derivatives market and entities that participate in that market.Risk factors (Item 1A)

Also named by AFL, AN, BGC, CNX, CPAY, EPD, EQT, FITB and 14 more

European Market Infrastructure Regulation (EMIR)

subject tonamed as a risk
Provisions under the EMIR could significantly increase the cost of derivatives contracts, materially alter the terms of derivatives contracts and reduce the availability of derivatives to protect against risks that we encounter.Risk factors (Item 1A)

Also named by ADM, CBOE, JEF, SNEX

EU Energy Performance of Buildings Directive (EPBD)

subject tonamed as a risk
For example, in 2018 the EU revised the Energy Performance of Buildings Directive (the “EPBD”) with the goal to create a clear path towards a low and zero-emission and decarbonized building stock in the EU by 2050.Risk factors (Item 1A)

EU Emission Trading System 2 (ETS 2)

subject tonamed as a risk
UGI International will also be subject to a new Emission Trading System, known as ETS 2, which will become operational in 2027.Business (Item 1)

Renewable Fuel Standard

earns from
GHI currently delivers RNG to transportation fleets for utilization in their compressed natural gas and LNG fueled vehicles, resulting in the creation and monetization of California Low Carbon Fuel Standard credits and Renewable Fuel Standard Renewable Identification Number credits.Business (Item 1)

Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more

California Low Carbon Fuel Standard

earns from
GHI currently delivers RNG to transportation fleets for utilization in their compressed natural gas and LNG fueled vehicles, resulting in the creation and monetization of California Low Carbon Fuel Standard credits and Renewable Fuel Standard Renewable Identification Number credits.Business (Item 1)

Also named by CRC, CVX, DINO, DTE, GPRE, MPC, PBF, SEB and 2 more

Pennsylvania Alternative Energy Portfolio Standards Act

subject to
Electric Utility’s default service rates include recovery of costs associated with compliance with the Alternative Energy Portfolio Standards Act, which requires Electric Utility to directly or indirectly acquire certain percentages of its supplies from designated alternative energy sources.Business (Item 1)

Public Utility Holding Company Act of 2005 (PUHCA 2005)

subject to
The Company is not subject to regulation by the PAPUC but, following completion of the Mountaineer Acquisition, is a regulated “holding company” under PUHCA 2005.Business (Item 1)

Technology

Electric heat pumps

competes withnamed as a risk
However, in Europe and elsewhere, climate change policies favoring electricity from renewable energy sources or the use of electric-powered equipment, such as heat pumps in heating applications, may cause changes in current relative price relationships.Risk factors (Item 1A)