100548--11/20/2009--UGI_UTILITIES

related topics

{condition, economic, financial}

{cost, contract, operation}

{capital, credit, financial}

{cost, regulation, environmental}

{gas, price, oil}

{loss, insurance, financial}

Energy efficiency and technology advances, as well as price induced customer conservation, may result in reduced demand for our energy products and services. Volatility in credit and capital markets may restrict our ability to grow, increase the likelihood of defaults by our customers and counterparties and adversely affect our operating results. The economic recession, volatility in the stock market and the low interest rate environment may negatively impact our pension liability. Changes in commodity market prices may have a negative effect on our liquidity. Our transmission and distribution systems may not operate as planned, which may increase our expenses or decrease our revenues and, thus, have an adverse effect on our financial results. Our need to comply with comprehensive, complex, and sometimes unpredictable government regulations may increase our costs and limit our revenue growth, which may result in reduced earnings. Regulators may not allow timely recovery of costs for us in the future, which may adversely affect our results of operations. Our operations, capital expenditures and financial results may be affected by regulatory changes and/or market responses to global climate change. We are subject to operating and litigation risks that may not be covered by insurance. Remediation costs resulting from liability from contamination claims could reduce our net income.

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100548--11/20/2009--UGI_UTILITIES_INC