PGW sale announcement coming soon, Nutter says
The sale of Philadelphia Gas Works is expected to be announced soon, reports say.
According to The Inquirer, Mayor Michael Nutter said at the Greater Philadelphia Chamber of Commerce on Tuesday that he expects “an announcement very soon.”
Nutter told business leaders in attendance that his office is reviewing the bids for PGW.
The newspaper reported that Nutter made his case for privatizing the almost 200-year-old utility company.
According to The Inquirer, Nutter said: “Selling PGW and unleashing the potential of this asset will increase the development of energy enterprises, reduce overall costs for customers and create a competitive advantage for our city.”
The sale, which has drawn criticism from local unions, could net more than $1 billion for the city.
Any sale would face approval from the Philadelphia City Council and the Pennsylvania Public Utility Commission.
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