Company That Tried to Purchase PGW Is Itself Sold

Photo | Jeff Fusco

Photo | Jeff Fusco

UIL Holdings, the Connecticut company that last year attempted to buy PGW from the city, has itself been sold to a Spanish firm.

UIL officials said the $3 billion deal with Iberdrola materialized only after the PGW sale fell through. But the timing of the deal raised questions at City Council, and Council President Darrell Clarke suggested the move vindicated Council’s concerns about selling to PGW. Council let the proposed sale of PGW to UIL collapse last year without ever holding a hearing — or vote — before a deadline for the deal’s completion.
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Council Will Consider PGW Sale on Its Timeline — Not the Mayor’s

CBS Philly reports that the City Council will adjourn for the summer on June 19th without deciding whether to approve the sale of Philaelphia Gas Works to a Connecticut company — even though the company can, under contract, walk away from the deal if it’s not finalized before July 15.

Council President Darrell Clarke said that deadline was agreed to by Mayor Nutter and the company, UIL Holdings. The council had no input. And that’s not the only problem, he says.

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