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
International

Many deaths as boat with African emigrants sinks…

BENGHAZI Libya (Reuters) - A boat packed with up to 250 African emigrants trying to reach European shores sank on Sunday off the Libyan coast…

Local

State health department warns against rare respiratory virus…

The New York State Department of Health is calling upon parents to be aware of the symptoms of enterovirus EV-D68. More than 12 children across the…

National

Liberal Vermont Senator Sanders may seek U.S. presidency…

By Will DunhamWASHINGTON (Reuters) - Bernie Sanders, one of the Senate's leading liberals, said on Sunday he is thinking about running for U.S. president in…

Money

Second Shift: Turning fun into money

In this week's Second Shift series, meet a New Yorker who has established two successful careers around having fun.

Movies

Dan Stevens kisses Cousin Matthew goodbye

Dan Stevens wanted a change and he certainly got one. After quickly developing a devoted fan base as Matthew Crawley on "Downton Abbey," the 32-year-old…

Movies

Nerd alert: Genesis Rodriguez, robot-maker

Geeks of the world, you're about to fall in love with Genesis Rodriguez. There's no point in resisting. The actress, appearing in Kevin Smith's totally…

The Word

The Word: Kanye West wants everyone on their…

Maybe we can blame this one on the migraine, too. Kanye West is drawing ire for halting a performance in Sydney when his demands that…

Movies

That's a wrap on TIFF 2014

This year's Toronto International Film Festival closes without the satisfying sense of certainty that had become a mainstay in recent years. Last year, for example,…

NFL

3 things we learned in Jets loss to…

The wheels came off for the Jets, who gave up 21 unanswered points after a brilliant first 20 minutes in a 31-24 loss at the Packers.

NFL

Victor Cruz catches case of the drops in…

The Giants dropped a tough, 25-14, decision to the undermanned Cardinals Sunday in their home opener. And drop was the operative word of the day,…

NFL

Giants vs. Cardinals: 3 things we learned

The Giants heard all week about how ragged their new offense has looked, but even when they finally answered the bell they still can’t find a way to win.

NFL

About a quarter of football players will get…

About one in four National Football League players are likely to end up suffering cognitive impairments during their lifetime, according to a report.

Home

DIY design: Try this upcycle furniture project

Tiffany Threadgould is living a DIY life. The Chief Design Junkie at TerraCycle, an international waste management company headquartered in Trenton, New Jersey, grew up…

Parenting

The downside of a BFF

For teenage girls a best friend can mean everything, but the way they deal with their problems together can lead to depression

Education

How many colleges should I apply to? Your…

To the average high school senior, creating the perfect college application can seem like a golden ticket into their future. Students and their parents spend…

Career

How Generation Z will change the way Americans…

What to learn how to establish a career in this new economy? Look no further than the current generation of young people - that is,…