Share “Connecticut firm continues bid for Philly...”

Connecticut firm continues bid for Philly utility

Published on NewsOK Modified: July 16, 2014 at 1:22 pm •  Published: July 16, 2014

PHILADELPHIA (AP) — A Connecticut company said Wednesday that it will continue its efforts to buy Philadelphia's gas utility despite the passage of a deadline that allows it to withdraw.

Officials at the company, UIL Holdings Corp., "have decided to continue our efforts to pursue this acquisition and become a new business partner in the city of Philadelphia," James Torgerson, president and CEO of New Haven, Connecticut-based UIL, said in a statement.

He added that the company believes the sale "is a valuable economic opportunity for the city of Philadelphia."

Mayor Michael Nutter hailed the decision and said the administration eagerly awaited a consultant's report and the opportunity to make its case for the sale of Philadelphia Gas Works.

City Council president Darrell Clarke said council members appreciated the company's cooperation, but added that the deadline didn't consider the council's "duty to fully examine the details of this proposed transaction."

"While the press has largely been fixated on outside forces such as lobbyists that are pressuring City Council to fast-forward the review process, we in City Council answer to other special interests, namely, the households directly impacted by privatization of PGW and the hardworking men and women of PGW who have made this utility the prized asset it is today," he said.

Continue reading this story on the...