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Utility Regulatory Assets and Liabilities and Regulatory Matters | 9 Months Ended
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Jun. 30, 2014
Regulated Operations [Abstract] |
Utility Regulatory Assets and Liabilities and Regulatory Matters | Utility Regulatory Assets and Liabilities and Regulatory Matters For a description of the Company’s regulatory assets and liabilities other than those described below, see Note 8 to the Company’s 2013 Annual Financial Statements and Notes. UGI Utilities does not recover a rate of return on its regulatory assets. The following regulatory assets and liabilities associated with Gas Utility and Electric Utility are included in our accompanying Condensed Consolidated Balance Sheets:
|  | June 30, 2014 |  | September 30, 2013 |  | June 30, 2013
Regulatory assets: |  |  |  |  |  |
Income taxes recoverable |  | $ | 107.2 |  |  | $ | 106.1 |  |  | $ | 104.7 |
Underfunded pension and postretirement plans |  | 89.2 |  |  | 94.5 |  |  | 177.8 |
Environmental costs |  | 14.6 |  |  | 17.1 |  |  | 16.6 |
Deferred fuel and power costs |  | 9.4 |  |  | 8.3 |  |  | 4.1 |
Removal costs, net |  | 15.6 |  |  | 13.3 |  |  | 12.1 |
Other |  | 6.6 |  |  | 5.6 |  |  | 5.6 |
Total regulatory assets |  | $ | 242.6 |  |  | $ | 244.9 |  |  | $ | 320.9 |
Regulatory liabilities: |  |  |  |  |  |
Postretirement benefits |  | $ | 17.5 |  |  | $ | 16.5 |  |  | $ | 14.2 |
Environmental overcollections |  | 1.6 |  |  | 2.6 |  |  | 2.9 |
Deferred fuel and power refunds |  | — |  |  | 8.3 |  |  | 14.2 |
State tax benefits—distribution system repairs |  | 9.3 |  |  | 8.4 |  |  | 8.0 |
Other |  | 1.9 |  |  | 1.5 |  |  | 0.7 |
Total regulatory liabilities |  | $ | 30.3 |  |  | $ | 37.3 |  |  | $ | 40.0 |
Deferred fuel and power—costs and refunds. Gas Utility’s tariffs and Electric Utility’s tariffs contain clauses which permit recovery of all prudently incurred purchased gas and power costs through the application of purchased gas cost (“PGC”) rates in the case of Gas Utility and default service (“DS”) rates in the case of Electric Utility. The clauses provide for periodic adjustments to PGC and DS rates for differences between the total amount of purchased gas and electric generation supply costs collected from customers and recoverable costs incurred. Net undercollected costs are classified as a regulatory asset and net overcollected costs are classified as a regulatory liability. Gas Utility uses derivative financial instruments to reduce volatility in the cost of natural gas it purchases for firm- residential, commercial and industrial (“retail core-market”) customers. Realized and unrealized gains or losses on natural gas derivative financial instruments are included in deferred fuel costs or refunds. Net unrealized gains (losses) on such contracts at June 30, 2014, September 30, 2013 and June 30, 2013 were $0.7, $(1.7) and $(1.4), respectively. Electric Utility enters into forward electricity purchase contracts to meet a substantial portion of its electricity supply needs. Because most of these contracts do not currently qualify for the normal purchases and normal sales exception under GAAP, the fair values of these contracts are required to be recognized on the Condensed Consolidated Balance Sheets with an associated adjustment to regulatory assets or liabilities in accordance with GAAP related to rate-regulated entities. At June 30, 2014, September 30, 2013, and June 30, 2013, the fair values of Electric Utility’s electricity supply contracts were net gains (losses) of $0.8, $(4.8) and $(6.1), respectively, which amounts are reflected in current derivative financial instrument assets and liabilities on the Condensed Consolidated Balance Sheets with equal and offsetting amounts reflected in deferred fuel and power costs or refunds in the table above. In order to reduce volatility associated with a substantial portion of its electric transmission congestion costs, Electric Utility obtains financial transmission rights (“FTRs”). FTRs are derivative financial instruments that entitle the holder to receive compensation for electricity transmission congestion charges when there is insufficient electricity transmission capacity on the electric transmission grid. Because Electric Utility is entitled to fully recover its DS costs, realized and unrealized gains or losses on FTRs are included in deferred fuel and power costs or deferred fuel and power refunds. Unrealized gains or losses on FTRs at June 30, 2014, September 30, 2013, and June 30, 2013, were not material.

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