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EXHIBIT 21
SUBSIDIARIES OF UGI CORPORATION
<Table>
<Caption>
SUBSIDIARY OWNERSHIP STATE OF INCORPORATION
- ---------- --------- ----------------------
AMERIGAS, INC. 100% PA
AMERIGAS PROPANE, INC. * 100% PA
AmeriGas Partners, L.P. (1) DE
AmeriGas Finance Corp. 100% DE
AmeriGas Eagle Finance Corp. 100% DE
AP Eagle Finance Corp 100% DE
AmeriGas Propane L.P. 98.9899% DE
AmeriGas Propane Parts & Service, Inc. 100% PA
AmeriGas Eagle Propane, L.P. 99% DE
AmeriGas Eagle Parts & Service, Inc. 100% PA
AmeriGas Eagle Propane, Inc 100% DE
AmerE Holdings, Inc. 100% DE
AmeriGas Eagle Holdings, Inc. ** 100% DE
Active Propane of Wisconsin, LLC 100% DE
AmeriGas Technology Group, Inc. 100% PA
Petrolane Incorporated 100% PA
FOUR FLAGS DRILLING COMPANY, INC. 100% PA
ASHTOLA PRODUCTION COMPANY 100% PA
UGI ETHANOL DEVELOPMENT CORPORATION 100% PA
NEWBURY HOLDING COMPANY 100% DE
UGI ENTERPRISES, INC. 100% PA
CFN ENTERPRISES, INC. 100% DE
CF Networks LLC 60% DE
EASTFIELD INTERNATIONAL HOLDINGS, INC. 100% DE
FLAGA GmbH 100% AUSTRIA
FLAGA Energievorsorgung GmbH 100% GERMANY
FLAGA Plyn, spol. s.r.o. 100% CZECH REPUBLIC
LPG Technik s.r.o. 100% CZECH REPUBLIC
FLAGA Slovplyn, spol. s r.o. 100% SLOVAKIA
FLAGA Suisse GmbH 100% SWITZERLAND
GTP Gas Trans Praha spol. s r.o. 60% CZECH REPUBLIC
GTB Gas Trans Bratislava, s.r.o. 100% SLOVAKIA
TSG - Transport- und Speditionsgesellschaft m.b.H. 50% AUSTRIA
GTE - Gastrans-Erfurt-GmbH 90% GERMANY
EUROGAS HOLDINGS, INC. 100% DE
UGI ASSET MANAGEMENT, INC. 100% DE
MCHUGH SERVICE COMPANY 100% PA
UGI ENERGY SERVICES, INC. 100% PA
Energy Services Funding Corporation 100% DE
Hellertown Pipeline Company 100% PA
Homestead Holding Company 100% DE
UGI DEVELOPMENT COMPANY 100% PA
UGID Holding Company 100% DE
UGI Hunlock Development Company 100% PA
UGI POWER SUPPLY, INC. 100% PA
UGI HVAC ENTERPRISES, INC. 100% DE
</table>
<Table>
<Caption>
SUBSIDIARY OWNERSHIP STATE OF INCORPORATION
- ---------- --------- ----------------------
UGI INTERNATIONAL ENTERPRISES, INC. 100% PA
UGI France, Inc. 100% DE
UGI Bordeaux Holding 100% FRANCE
AGZ Holding 100% FRANCE
AGZ Finance 100% FRANCE
Antargaz 100% FRANCE
Wogegal 100% FRANCE
Aquitaine Pyrenees 100% FRANCE
Gaz Est Distribution 100% FRANCE
Nord GPL 100% FRANCE
Rhone Mediterranee Gaz 85% FRANCE
Rhone Gaz 50.62% FRANCE
Sigap Quest 66% FRANCE
Sobegal 72% FRANCE
Norgal 52.66% FRANCE
UGI Finance, LLC 100% DE
UGI BLACK SEA ENTERPRISES, INC. 100% PA
UGI INTERNATIONAL (ROMANIA), INC. 100% PA
UGI ROMANIA, INC. 100% PA
UGI INTERNATIONAL (CHINA), INC. 100% DE
UGI CHINA, INC. 100% DE
UGI SOUTHWEST CHINA DEVELOPMENT COMPANY, LLC 100% DE
UGI PROPERTIES, INC. 100% PA
UGI UTILITIES, INC. 100% PA
UNITED VALLEY INSURANCE COMPANY 100% VT
</Table>
(1) AmeriGas Propane, Inc. and its subsidiary, Petrolane Incorporated, hold
a combined 46% (approx.) interest in AmeriGas Partners, L.P.
*Sole General Partner of each of AmeriGas Partners, L.P. and AmeriGas
Propane, L.P.
** Sole General Partner of AmeriGas Eagle Propane, L.P.