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Utility Regulatory Assets and Liabilities and Regulatory Matters | 3 Months Ended
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Dec. 31, 2020
Regulated Operations [Abstract] |
Utility Regulatory Assets and Liabilities and Regulatory Matters | Note 6 — 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 9 in the Company’s 2020 Annual Report. Other than removal costs, UGI Utilities currently does not recover a rate of return on its regulatory assets listed below. The following regulatory assets and liabilities associated with UGI Utilities are included on the Condensed Consolidated Balance Sheets:
|  | December 31, 2020 |  | September 30, 2020 |  | December 31, 2019
Regulatory assets (a): |  |  |  |  |  |
Income taxes recoverable |  | $ | 126 |  |  | $ | 124 |  |  | $ | 121 |
Underfunded pension and postretirement plans |  | 172 |  |  | 175 |  |  | 175 |
Environmental costs |  | 59 |  |  | 61 |  |  | 58 |
Removal costs, net |  | 24 |  |  | 26 |  |  | 27 |
Other |  | 14 |  |  | 11 |  |  | 10 |
Total regulatory assets |  | $ | 395 |  |  | $ | 397 |  |  | $ | 391 |
Regulatory liabilities (a): |  |  |  |  |  |
Postretirement benefit overcollections |  | $ | 13 |  |  | $ | 13 |  |  | $ | 14 |
Deferred fuel and power refunds |  | 24 |  |  | 29 |  |  | 6 |
State tax benefits — distribution system repairs |  | 28 |  |  | 28 |  |  | 26 |
PAPUC Temporary Rates Order |  | 5 |  |  | 7 |  |  | 25 |
Excess federal deferred income taxes |  | 272 |  |  | 274 |  |  | 278 |
Other |  | 4 |  |  | 2 |  |  | 2 |
Total regulatory liabilities |  | $ | 346 |  |  | $ | 353 |  |  | $ | 351 |
(a)Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. Deferred Fuel and Power Refunds. Gas Utility’s and Electric Utility’s tariffs contain clauses that permit recovery of all prudently incurred purchased gas and power costs through the application of PGC rates in the case of Gas Utility and DS tariffs in the case of Electric Utility. These 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 overcollections are classified as a regulatory liability. Gas Utility uses derivative instruments to reduce volatility in the cost of gas it purchases for retail core-market customers. Realized and unrealized gains or losses on natural gas derivative instruments are included in deferred fuel and power costs or refunds. Net unrealized (losses) gains on such contracts at December 31, 2020, September 30, 2020 and December 31, 2019 were $(1), $8 and $(3), respectively. Other Regulatory Matters Base Rate Filings. On January 28, 2020, Gas Utility filed a request with the PAPUC to increase its annual base distribution operating revenues by $75 annually. On October 8, 2020, the PAPUC issued a final Order approving a settlement that permits Gas Utility to increase its annual base distribution rates by $20, through a phased approach, with $10 beginning January 1, 2021 and an additional $10 beginning July 1, 2021. Additionally, Gas Utility is authorized to implement a DSIC once Gas Utility total property, plant and equipment less accumulated depreciation reaches $2,875, with this threshold being unchanged from Gas Utility’s 2019 base rate case. The PAPUC’s final Order also includes enhanced COVID-19 customer assistance measures, including the establishment of an Emergency Relief Program for a defined set of payment troubled customers (“ERP”). Additionally, the PAPUC’s final Order permits Gas Utility to establish a regulatory asset for certain incremental expenses attributable to the ongoing COVID-19 pandemic, most notably expenses related to the ERP and uncollectible accounts expense, through the effective date of rates in the next Gas Utility base rate case, to be recovered and amortized over a 10-year period. In accordance with the terms of the PAPUC’s final Order, Gas Utility is not permitted to file a rate case prior to January 1, 2022. On January 28, 2019, Gas Utility filed a rate request with the PAPUC to increase the base operating revenues for residential, commercial, and industrial customers throughout its Pennsylvania service territory by an aggregate $71. On October 4, 2019, the PAPUC issued a final Order approving a settlement that permitted Gas Utility, effective October 11, 2019, to increase its base distribution revenues by $30 under a single consolidated tariff, approved a plan for uniform class rates, and permitted Gas Utility to extend its Energy Efficiency and Conservation and Growth Extension Tariff programs by an additional term of five years. The PAPUC’s final Order approved a negative surcharge, to return to customers $24 of tax benefits experienced by Gas Utility over the period January 1, 2018 to June 30, 2018, plus applicable interest, in accordance with the May 17, 2018 PAPUC Order, which became effective for a twelve-month period beginning on October 11, 2019, the effective date of Gas Utility’s new base rates.

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