Though city councilors in Philadelphia, Penn., have said they won’t approve UIL Holding Corp.’s acquisition of a municipal-owned gas utility, UIL said Monday that it won’t officially terminate its purchase agreement reached with the city in March.
The New Haven-based utility parent has been within its rights to cancel the deal since a July 16. The council announced late last month said it wouldn’t endorse the sale, which was favored by Philadelphia Mayor Michael Nutter.
UIL CEO James P. Torgerson said his company still thinks the deal makes sense.
“Accordingly, with time remaining for the City Council to consider the transaction at its upcoming meetings, we believe that it would be premature to exercise our right to terminate at this time,” Torgerson said.
However, if the council doesn’t readdress the matter, the agreement will automatically terminate at the end of the year.
