PGW bidders narrowed down from 30

Philadelphia Gas Works headquarters. Credit: Rikard Larma/METRO
Philadelphia Gas Works headquarters. Credit: Rikard Larma/METRO

Thirty companies have offered to purchase the Philadelphia Gas Works, the city announced today, but it won’t say which were asked to submit final bids.

“The number and strength of the indicative bids we received earlier this month were equally encouraging,” Nutter said in a news release. “Now, working with our brokers and financial advisers, we have selected and notified those companies still in contention to attempt to reach an agreement to purchase PGW.”

The utility is expected to sell for between  $1.5 billion and $2 billion, which would bring a net profit of between $422 million and $872 million. The money would likely be earmarked for the city’s pension fund.

Final bids are due in January, and the sale is expected to be final in February.

While Mayor Michael Nutter would choose the winning bid, City Council and the Pennsylvania Public Utility Commission would have to sign off on the deal.

Nutter has faced opposition from unions who fear the privatization of the country’s largest gas utility, but Nutter has reinforced his stance that the sale is best for the city’s future financial health.

____________________

Follow Tommy Rowan on Twitter: @tommyrowan

Follow Metro Philadelphia on Twitter: @metrophilly

Follow Metro Philadelphia on Facebook: Metro Philadelphia



News
Entertainment
Sports
Lifestyle
National

Top 10 most hipster college campuses

Hipsters are everywhere these days. You can't walk down the anywhere anymore without seeing a pair of skinny jeans on a handlebar mustachioed 20-something, a…

National

Detained Americans in North Korea seek U.S. help

Three US citizens detained in North Korea appealed to the U.S government for help returning home, speaking in rare interviews.

National

New Apple iPhone to have 'mobile wallet' function:…

(Reuters) - Apple Inc plans to enable its next iPhone to become a mobile wallet by allowing owners to securely make mobile payments in a…

Money

Second Shift: Balancing school, work and a side…

See how a Brooklynite balances getting her PhD while working two other jobs.

Entertainment

Where to place the blame in a nude…

When a celebrity's private photos are leaked online, it's easy to jump to the conclusion that they only have themselves to blame, since they took…

Gossip

Security expert weighs in on 'The Fappening' and…

We speak to Rik Ferguson, vice president of security firm Security Research at Trend Micro, about the hundreds of hacked celebrity photos that leaked.

Gossip

Who is Ashlee Simpson’s new husband anyway?

Find out five things about Ashlee Simpson's new husband, Evan Ross.

Entertainment

Jennifer Lawrence and more: The big names on…

The names of more than 100 famous actresses, musicians and athletes were included in a list of purported hacking victims, nude photos of whom were…

NFL

Odell Beckham still 'weeks away,' Tom Coughlin angry…

Giants head coach Tom Coughlin has fought a losing battle against the media all preseason over the status of wide receiver Odell Beckham Jr.

NFL

3 things we learned in the Giants preseason…

The final score didn’t matter — a 16-13 win by the Giants — but it would’ve been nice to finally see Big Blue’s new-look offense get on track.

NFL

NFL Power Rankings: Seahawks, Broncos, Patriots, 49ers start…

NFL Power Rankings: Seahawks, Broncos, Patriots start at top

U.S. Soccer

5 facts about new England captain Wayne Rooney

Manchester United striker Wayne Rooney was named as the new England captain by coach Roy Hodgson on Thursday.

Travel

10 free apps to make traveling easier

Finding the nearest bathroom, calculating currency exchanges and locating your departure gate must have been difficult for travelers of previous generations. But we wouldn't know,…

Travel

How to get a seat upgrade to business…

It used to be much easier to upgrade your coach seat to business or even first class, but rigid rules and tighter schedules have made…

Career

The number of telecommuters is expected to nearly…

Until a few years ago, telecommuting was not considered a realistic option at most companies. But with technological advances like high-speed Internet and smartphones, more…

Wellbeing

Your new food ally to ward off type…

For people who may be headed for type 2 diabetes, regularly eating pistachios might help turn the tide, according to a small nutrition trial from…