PGW Has a Buyer: Report

UIL Holdings Corp. is the winning bidder for Philadelphia Gas Works, according to a Philadelphia Daily News story. The newspaper said it obtained a letter from a lawyer for a rival bidder that confirmed the news.

Here's more:

The letter obtained by the Daily News was from Cozen O'Connor lawyer Steve Cozen, who represented Liberty Energy Trust. It did not include the price or terms of the UIL deal. Cozen could not be reached for comment.

Based in New Haven, Conn., UIL Holdings bills itself as a "diversified energy delivery company serving approximately 706,000 electric and natural gas utility customers in 66 communities across two states, with combined total assets of over $4 billion," according to its websiteRead more about this story on

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