Firm to continue trying to buy Philadelphia Gas Works - FOX 10 News | fox10phoenix.com

Firm to continue trying to buy Philadelphia Gas Works

Posted: Updated:

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.

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 This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsMore>>

  • Council Rock South Mourns The Loss Of Three Classmates

    Council Rock South Mourns The Loss Of Three Classmates

    Monday, September 1 2014 5:23 PM EDT2014-09-01 21:23:09 GMT
    Three boys from Council Rock South High School died over the weekend when their SUV overturned.
    Three boys from Council Rock South High School died over the weekend when their SUV overturned.
  • Hamels, 3 Phillies relievers no-hit Braves

    Hamels, 3 Phillies relievers no-hit Braves

    Monday, September 1 2014 4:42 PM EDT2014-09-01 20:42:38 GMT
    Cole Hamels and three Philadelphia Phillies relievers combined to pitch a no-hitter Monday, beating the Atlanta Braves 7-0.
    Cole Hamels and three Philadelphia Phillies relievers combined to pitch a no-hitter Monday, beating the Atlanta Braves 7-0.
  • September Sizzle

    Monday, September 1 2014 3:55 PM EDT2014-09-01 19:55:49 GMT

    Summer is not over just yet!  Hot and humid conditions much of the week with temps in the 90's and upper 80's.

    Tuesday (91/72): Clouds/Storm

     

     

     

    Summer is not over just yet!  Hot and humid conditions much of the week with temps in the 90's and upper 80's.

    There is a chance of scattered showers and thunderstorms Tuesday.

    Tuesday (91/72): Clouds/Storm

     

    Wednesday (90/74): Sun/Clouds

     

    Thursday (89/67): Sunny/Hot

     

     

Powered by WorldNow

KSAZ-TV & KUTP
511 W. Adams St.
Phoenix, AZ 85003

Phone: (602) 257-1234
Fax: (602) 262-0177

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