I would like to introduce our sixth annual ESG report titled “The Journey – Managing Climate Risks and Opportunities.” UGI’s ESG journey has strengthened our commitment to building a sustainable company. We have a history of aligning our ESG commitments with our long-term strategy, value creation, and continuous improvement. UGI is committed to evaluating risks and opportunities to uncover innovative and better ways to serve our customers, investors, and employees. As we navigate climate assessments, scenario analyses, and feedback from our stakeholders, we are confident that we will continue to develop new ways to minimize risk while maximizing the opportunities associated with climate change.

For the last 140 years, the company has offered differentiated and innovative solutions to match evolving consumer preferences, which has included renewable energy. UGI is well positioned to expand on its core competencies and deliver those innovative solutions to our nearly 1 million natural gas customers in the United States and over 2 million liquefied petroleum gas (LPG) customers in the United States and Europe. We are focused on opportunities that leverage our project development and execution expertise, and existing infrastructure. Additionally, we continue to upgrade our distribution network at our UGI Utilities business. In Fiscal 2023, we replaced 142 miles of aging pipe, which not only reduces fugitive methane emissions, but also strengthens the integrity and reliability of our overall distribution network. Over the last 10 years, our pipeline replacement and betterment efforts have reduced fugitive methane emissions by over 60,000 metric tons of CO2 equivalent, which is equivalent to more than 14,000 gasoline-powered passenger cars being removed from the road. We strive to continue to grow the potential of our business as we address the fundamental needs of our communities for sustainable, reliable, and affordable energy solutions.

Fiscal 2023 emphasizes UGI’s commitments to ESG and reflect the exceptional collaboration and execution
amongst our leaders, team members, partners, and stakeholders. Some highlights include:

  • E – Completed construction of two previously announced Renewable Natural Gas (RNG) projects in upstate New York in the United States, Allen Farms and El-Vi, which have the capacity to produce 140 million cubic feet of RNG annually.
  • S – Met our spend commitment with diverse suppliers ahead of schedule.
  • S – UGI International Region East went 500,000 working hours without a Recordable Injury (RI).

We are very proud to see our organization recognized for our efforts, including these recent accomplishments:

  • Maintained our AAA rating with MSCI;
  • Improved our score with the Carbon Disclosure Project (CDP) to “B”;
  • Upgraded to “Prime” status from ISS for ESG Corporate Rating as of August 5, 2023; and
  • Upgraded to the Medium-Risk category with Morningstar Sustainalytics.

Along with our people, customers, and stakeholders, a focus on building a sustainable business is the keystone to our continued success. I would like to thank all our employees for their hard work and dedication. On behalf of everyone at UGI Corporation, thank you for your interest in our company.

Mario Longhi
Interim President and Chief Executive Officer