UGI UTILITIES INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - EXHIBIT 12.1

(Thousands of dollars)

	Nine Months Ended June 30,
			Year Ended September 30,
	2012		2011		2010		2009		2008		2007
Earnings:
Earnings before income taxes	$	146,493	$	168,693	$	147,183	$	125,554	$	123,977	$	122,766
Interest expense	31,859		42,728		42,336		43,918		39,065		42,327
Amortization of debt discount and
expense	595		1,060		627		625		467		462
Estimated interest component of
rental expense	1,507		1,740		1,912		1,965		1,619		1,506
	$	180,454	$	214,221	$	192,058	$	172,062	$	165,128	$	167,061
Fixed Charges:
Interest expense	$	31,859	$	42,728	$	42,336	$	43,918	$	39,065	$	42,327
Amortization of debt discount and
expense	595		1,060		627		625		467		462
Allowance for funds used during
construction (capitalized interest)	7		90		74		160		139		179
Estimated interest component of
rental expense	1,507		1,740		1,912		1,965		1,619		1,506
	$	33,968	$	45,618	$	44,949	$	46,668	$	41,290	$	44,474
Ratio of earnings to fixed charges	5.31		4.70		4.27		3.69		4.00		3.76