PHILADELPHIA — A Connecticut energy firm that had proposed a $1.86 billion purchase of publicly owned Philadelphia Gas Works is terminating its bid, five weeks after its rejection by Philadelphia City Council.
UIL Holdings Corp.'s president and CEO James Torgerson said Thursday that the company had no choice.
Council President Darrell Clarke says the deal would have resulted in job losses among Philadelphians. He blamed Mayor Michael Nutter for issuing a request for proposals that lacked input from City Council or sufficient jobs, consumer and safety protections.
Nutter criticized City Council for holding no hearings or a vote on the deal.
Nutter had said the deal would inject $424 million into the city's distressed pension fund, freeze utility rates for three years and maintain low-income discount programs.
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