UIL Holdings Corp. has called off its planned $1.86 billion purchase of Philadelphia’s city-owned gas utility. UIL, the parent company of utilities such as United Illuminating Co. and Connecticut Natural Gas Co., previously said it had the contractual right to end the deal since July. The company said that if Philadelphia’s City Council did not adopt an ordinance approving the deal by Dec. 31, the agreement would automatically terminate.

The Greater Philadelphia Chamber of Commerce (GPCC) has openly supported the sale of PGW and encouraged members of City Council to allow the introduction of a sale ordinance, schedule public hearings on the transaction, and put the matter to a vote. UIL’s decision to terminate its involvement in the purchase of PGW, following inaction by City Council, represents a missed opportunity not only for the city and the planned infusion of funds into its pension fund, but for the economic opportunities that a privately-owned gas company could have found, serving as a catalyst for an emerging energy hub in Philadelphia.

GPCC remains focused on working with every available stakeholder to help make that energy hub a reality, sparking economic growth and job creation for Philadelphia and our surrounding region.