UIL Holdings Corp. CEO James Torgerson said in a statement Tuesday that the company will decide within the next two weeks how to proceed regarding its seemingly dead hopes to buy Philadelphia Gas Works for $1.86 billion.
Specifically, UIL will decide whether or not to terminate its March agreement with the city of Philadelphia, which owns PGW. UIL has been allowed to terminate the deal since a July deadline passed without the city council passing an ordinance approving the deal.
The council announced Monday that it would not endorse the deal, citing two commissioned studies showing it would have less benefit for Philadelphia than originally stated.
Torgerson said he still aims to learn more about the council’s decision and what it wants. He also said UIL wants a chance to refute the studies’ findings.
