Connecticut Firm Continues Bid For Philly Utility - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

Connecticut Firm Continues Bid For Philly Utility

Posted: Updated:
PHILADELPHIA -

A Connecticut firm said Wednesday that it will continue its efforts to buy Philadelphia's struggling gas utility despite the passage of a deadline that allows the company 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 said in March that the proposed $1.86 billion sale would inject $424 million into the city's distressed pension fund. He said the deal, which must be approved by the City Council and state regulators, would keep rates frozen for three years, maintain discount programs for low-income families and seniors and safeguard employee and retiree pensions.

The Utility Workers Union of America Local 686, which represents 1,150 PGW workers whose contract expires in 2015, is against a sale, and several environmental organizations have also announced opposition, saying the deal would mean higher gas bills and increased use of natural gas from the vast Marcellus Shale formation, which partly lies under Pennsylvania.

Philadelphia Gas Works, which traces its history to 1836, is the nation's largest municipally owned gas utility with more than half a million residential, commercial and industrial customers and more than 1,600 employees.

UIL serves about 706,000 electric and natural gas customers in Connecticut and Massachusetts.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsMore>>

  • Suspect Identified In Darby Wellness Center Shooting

    Suspect Identified In Darby Wellness Center Shooting

    Thursday, July 24 2014 7:11 PM EDT2014-07-24 23:11:39 GMT
    We are following breaking news in Darby, Pa. where one female employee is dead and two are wounded in a shooting at the Wellness Center on the Mercy Fitzgerald Hospital campus.
    We are following breaking news in Darby, Pa. where one female employee is dead and two are wounded in a shooting at the Wellness Center on the Mercy Fitzgerald Hospital campus.

  • Blind Horse Gets New Hope And Restored Vision In One Eye

    Blind Horse Gets New Hope And Restored Vision In One Eye

    Thursday, July 24 2014 6:41 PM EDT2014-07-24 22:41:34 GMT
    A blind draft horse will live to see retirement, thanks to surgeons at the University of Pennsylvania’s new Bolton center in Kennett square.
    A blind draft horse will live to see retirement, thanks to surgeons at the University of Pennsylvania’s new Bolton center in Kennett square.
  • 14 Men Arrested In Child Pornography Sweep

    14 Men Arrested In Child Pornography Sweep

    Thursday, July 24 2014 5:57 PM EDT2014-07-24 21:57:31 GMT
    A big child pornography sweep has caught 14 men, including two school bus drivers and a man who prosecutors say blackmailed a girl to strip on a webcam.
    A big child pornography sweep has caught 14 men, including two school bus drivers and a man who prosecutors say blackmailed a girl to strip on a webcam.
Powered by WorldNow

25 FOX Drive
Dedham, MA 02026

Phone (781) 467-2525

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices