Buyer for Utility With Gas Choice Program Confirmed

UIL Holdings Corporation, the parent of United Illuminating, this morning officially announced that it has reached a definitive agreement to acquire assets and certain liabilities of Philadelphia Gas Works from the City of Philadelphia for $1.86 billion in cash

PGW serves approximately 500,000 customers in the city of Philadelphia, and offers a choice program. PGW is currently in the midst of implementing purchase of receivables and other choice program enhancements (click here for details)

Approval of the transaction will be needed from the Philadelphia City Council and the Pennsylvania Public Utility Commission. UIL anticipates closing by the first quarter of 2015.