Former PGW suitor purchased by foreign firm

A Spanish utility has announced it will acquire UIL Holdings of Connecticut, the company that tried and failed to purchase Philadelphia Gas Works.

City Council President Darrell Clarke says he was afraid something like this was going to happen when considering UIL’s offer for PGW.

“More often than not, these significant acquisitions take time. And the question is: Was this part of the process during the attempt to purchase PGW? Were they attempting to enhance their portfolio as it relates to the pending sale of UIL?” Clarke said.

 

Mayor Nutter’s spokesman Mark McDonald says that’s not the case. “It’s my understanding that this deal came well after the PGW deal collapsed,” he said.

Michael West, a spokesman for UIL confirms that the acquisition talks were not underway during the time the utility was trying to purchase PGW.

Even if the foreign company bought UIL with PGW in its portfolio, McDonald says regulations from the Pennsylvania Public Utilities Commission would still protect PGW customers.