UGI Corporation, through its subsidiaries, distributes, stores, transports, and markets energy products and related services. The company is a domestic and international retail distributor of propane and butane (which are liquefied petroleum gases (LPG)); a provider of natural gas and electric service through regulated local distribution utilities; a generator of electricity; a regional marketer of energy commodities; an owner and manager of midstream assets; and a regional provider of heating, ventilation, air conditioning, refrigeration and electrical contracting services. Segments The AmeriGas Propane segment consists of the propane distribution business of AmeriGas Partners, L.P. (AmeriGas Partners), which is a retail propane distributor, and Heritage Operating, L.P. (HOLP and, together with AmeriGas Partners, the ‘Partnership’). The Partnership's sole general partner is the company’s subsidiary, AmeriGas Propane, Inc. (‘AmeriGas Propane’ or the ‘General Partner’). The company has an effective 26% ownership interest in the Partnership; Energy Transfer Partners, L.P., a Delaware limited partnership (ETP), has an effective 32% ownership interest in the Partnership and the remaining interest is publicly held. The International Propane - Antargaz segment consists of the LPG distribution business of the company’s wholly owned subsidiary Antargaz, a French société anonyme, and its LPG distribution businesses in the Benelux countries (consisting of Belgium, the Netherlands, and Luxembourg) (collectively, ‘Antargaz’). Antargaz is a retail distributor of LPG in France and the Netherlands and a retail distributor of LPG in Belgium and Luxembourg. The International Propane - Flaga & Other segment consists of the LPG distribution businesses of: Flaga GmbH, an Austrian limited liability company, and its subsidiaries (collectively, ‘Flaga’); AvantiGas Limited, a United Kingdom private limited company (AvantiGas); and ChinaGas Partners, L.P., a majority-owned Delaware limited partnership. Flaga is a retail LPG distributor in Austria and Denmark, as well as in the Czech Republic, Hungary, and Slovakia. Flaga also distributes LPG in Finland, Norway, Poland, Romania, Sweden and Switzerland. AvantiGas is an LPG distributor in the United Kingdom. ChinaGas Partners is an LPG distributor in the Nantong region of China. The Energy Services segment consists of energy-related businesses conducted by the company’s wholly owned subsidiary, UGI Energy Services, Inc. (Energy Services), and its subsidiaries. The Electric Generation segment consists of solar and landfill gas electric generation facilities in Pennsylvania conducted by Energy Services' wholly owned subsidiary, UGI Development Company (UGID). The Energy Services and Electric Generation segments are collectively referred to as ‘Midstream & Marketing.’ The Gas Utility segment (Gas Utility) consists of the regulated natural gas distribution businesses of the company’s subsidiary, UGI Utilities, Inc. (UGI Utilities), and UGI Utilities' subsidiaries, UGI Penn Natural Gas, Inc. (PNG) and UGI Central Penn Gas, Inc. (CPG). UGI Utilities' natural gas distribution utility is referred to as ‘UGI Gas’. Gas Utility is regulated by the Pennsylvania Public Utility Commission (PUC) and, with respect to its hundred customers in Maryland, the Maryland Public Service Commission. The company also owns and operates a regulated electric distribution business in Pennsylvania through UGI Utilities (Electric Utility), and a heating, ventilation, air-conditioning, refrigeration and electrical contracting service business in the mid-atlantic region of the United States through UGI HVAC Enterprises, Inc. (HVAC/R). Business Strategy The company’s business strategy is to grow the company by focusing on its core competencies of distributing, storing, transporting and marketing energy products and services. It utilizes its core competencies from existing businesses and national scope, international experience, extensive asset base and access to customers to accelerate both internal growth and growth through acquisitions in existing businesses, as well as in related and complementary bus