The Hartford Courant reports that the Philadelphia City Council has indicated it would reject a $2 billion offer from UIL Holdings Corp. to purchase Philadelphia Gas Works, the municipally owned natural gas utility which offers a choice program.

To the extent PGW remains municipally owned, the design of default service may continue to be an open, but deferred, issue. During the 2008 run-up in gas prices, alternatives to the current default service mechanism, where PGW assembles a portfolio of supplies for sales service, were proposed due to the capital requirements needed to manage such a portfolio, and the strain it placed on PGW

See the Hartford Courant for more

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Philadelphia Gas Works   Pennsylvania   UIL Holdings Corp.   Natural Gas   M&A  

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