UIL pulls the plug on PGW

December 4, 2014 | 5:46 PM

UIL Holdings has decided to end its agreement to buy Philadelphia Gas Works for $1.86 billion dollars. The deal fell through in November after Philadelphia City Council failed to hold a hearing, and approve the sale.

“Unfortunately, we had no choice but to terminate our efforts in the City of Philadelphia to acquire the PGW assets,” said James P. Torgerson, UIL’s President and Chief Executive Officer in a release. “We are extremely disappointed that no ordinance was introduced to approve the acquisition and we’re equally disappointed that we were not afforded a hearing to present the facts regarding our bid proposal. Philadelphia and the City’s gas customers would have benefitted from our accelerating the pace of pipe replacement and from our management of the PGW assets.”

The Connecticut based company had until the end of the year to terminate the deal.

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Jonn

“Philadelphia and the City’s gas customers would have benefitted from our
accelerating the pace of pipe replacement and from our management of
the PGW assets.”

I guess they forgot to add “and after that pesky two year moratorium on price increases expired…KA-CHING!” Oh, and the part about eliminating payment agreements and cutting off anyone who is behind on their payments.

Don’t let the door hit you on the way out, UIL. It might increase your butt-hurt.
Ryan

Good riddance. Any potential energy buyer of PGW considers the health and welfare of Philadelphia citizens disposable, and would purely work to expand Philadelphia as a fossil fuel hub. It would facilitate the exploitation of the Marcellus Shale and drag all the unhealthy products through our city and waterways.

How I wish we could shut down the refinery in South Philly and watch cancer rates drop… a wonderful (pipe) dream.

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