In Philadelphia, personal animosity between the mayor and a few city council members resulted in a council vote to not even hold hearings on a $1.86-billion offer for the city’s natural gas distribution system.
Connecticut-based UIL Holdings Corp. spent $23 million to prepare its offer and arrange bank financing. A proposed asset purchase contract has been available for review since March. The City Council’s consultant reported that the terms of the offer from UIL met all of the council’s financial criteria. And UIL has agreed to codify workforce protections and subsidies for low-income customers.
The offered expired on Dec. 31 without being considered by the city council.