Wednesday, July 16, 2014
PHILADELPHIA (AP) — A Connecticut firm says it will continue its efforts to buy Philadelphia's struggling gas utility despite passage of a deadline that allows the company to withdraw at any time.
James Torgerson, president and CEO of New Haven, Connecticut-based UIL Holdings Corp., said Wednesday that officials are ready to assist council members in their assessment of the proposed sale of Philadelphia Gas Works.
Mayor Michael Nutter said in March that the $1.86 billion sale would inject $424 million into the city's distressed pension fund. He said the sale would keep rates frozen for three years, maintain discount programs for low-income families and seniors and safeguard employee and retiree pensions.
The City Council and state utility regulators must approve the sale.