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<PAGE> 1
UGI UTILITIES INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - EXHIBIT 12.1
(Thousands of dollars)
<TABLE>
<CAPTION>
NINE
MONTHS
ENDED YEAR ENDED SEPTEMBER 30,
JUNE 30, -------------------------------------------------------------
2000 1999 1998 1997 1996
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
EARNINGS:
Earnings before income taxes $ 81,346 $ 63,139 $ 57,007 $ 63,275 $ 61,717
Interest expense 13,598 17,317 17,383 16,696 15,921
Amortization of debt discount and expense 157 215 200 176 173
Interest component of rental expense 990 1,539 1,624 1,887 1,838
----------- ----------- ----------- ---------- -----------
$ 96,091 $ 82,210 $ 76,214 $ 82,034 $ 79,649
=========== =========== =========== ========== ===========
FIXED CHARGES:
Interest expense $ 13,598 $ 17,317 $ 17,383 $ 16,696 $ 15,921
Amortization of debt discount and expense 157 215 200 176 173
Allowance for funds used during
construction (capitalized interest) 21 36 39 114 107
Interest component of rental expense 990 1,539 1,624 1,887 1,838
----------- ----------- ----------- ---------- -----------
$ 14,766 $ 19,107 $ 19,246 $ 18,873 $ 18,039
=========== =========== =========== ========== ===========
Ratio of earnings to fixed charges 6.51 4.30 3.96 4.35 4.42
=========== =========== =========== ========== ===========
</TABLE>
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