UIL’s CEO Comments on Purchase Agreement Provision
NEW HAVEN, Conn.--(BUSINESS WIRE)--Statement from James P. Torgerson – President and CEO, UIL Holdings Corporation.
“Today, Wednesday July 16, 2014, is the first day that UIL can terminate its agreement to acquire the operations of the Philadelphia Gas Works (PGW). UIL may now exit this deal at any time while the matter is pending before the City Council.”
“Today, Wednesday July 16, 2014, is the first day that UIL can terminate its agreement to acquire the operations of the Philadelphia Gas Works (PGW). UIL may now exit this deal at any time while the matter is pending before the City Council.
We have decided to continue our efforts to pursue this acquisition and become a new business partner in the City of Philadelphia.
UIL remains ready to assist Council in its assessment of the sale including the essential public dialogue of what we believe is a valuable economic opportunity for the City of Philadelphia.
UIL will continue to evaluate the situation and take additional actions as appropriate.”
About UIL Holdings Corporation:
Headquartered in New Haven, Connecticut, UIL Holdings Corporation (NYSE:UIL) is a diversified energy delivery company serving more than 700,000 electric and natural gas utility customers in 66 communities across two states, with combined total assets of over $4 billion.
UIL is the parent company of The United Illuminating Company (UI), The Southern Connecticut Gas Company (SCG), Connecticut Natural Gas Corporation (CNG), and The Berkshire Gas Company (Berkshire), each more than 100 years old. UI provides for the transmission and delivery of electricity and other energy related services for Connecticut's Greater New Haven and Bridgeport areas. SCG and CNG are natural gas distribution companies that serve customers in Connecticut, while Berkshire Gas serves natural gas customers in western Massachusetts. UIL employs more than 1,850 people in the New England region.