For sale: PGW, largest municipally owned gas utility in the US

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

The largest municipally owned gas utility in the country is ready to be sold.

The Philadelphia Gas works, with its 500,000 customers, is now open to bids from potential buyers, the city announced Friday.

Interested parties will be required to show competence in successfully running the major utility as part of its application. The city will accept proposals from qualified bidders by October. After a review, the city will choose finalists to submit a full proposal and expects to enter final negotiations with the winning bidder by December, according to a news release.

“I believe strongly that the sale of PGW will create jobs in the city, benefit PGW customers and grow Philadelphia’s economy,” Mayor Michael Nutter said in a statement.

A decade ago, the 176-year-old gas company required a $45 million loan to pay its bills. In 2013, the company generates about $600 million in annual revenue, according to a news release.

JPMorgan merger-guru Paul Dabbar said he expects strong interest in the 176-year-old utility.

“We know there is strong interest from the number of unsolicited inquiries we have already received,” Dabbar said in a news release.

PGW employs about 1,600 workers, many of which are represented in local labor unions.



News
Entertainment
Sports
Lifestyle
Local

MTA announces service changes for Sunday

The MTA has announced service changes ahead of Sunday's People's Climate March, which will be held from 11:30 a.m. to 4:30 p.m. Sunday. Riders using…

Local

NYPD launches Twitter account for L train

The NYPD recently launched a Twitter handle dedicated to the L train and its riders. According to @NYPDLtrain, officers went underground Thursday morning to hand…

Local

Bushwick community space offers activists a place to…

A new Bushwick community space offers community activists to meet, create, learn and throw back a few cold ones. MayDay, located 214 Starr Street in Bushwick,…

Local

Activists gearing up for Sunday's "historic" People's Climate…

If all goes according to plan, more than 100,000 people will gather near Central Park West on Sunday morning and march through midtown to raise…

Movies

Kevin Smith makes peace with the Internet

I was thinking about Ain't It Cool News and Harry Knowles last night, wondering if anyone from Ain't It Cool had reviewed my new movie…

Movies

Art imitates life in 'Swim Little Fish Swim'

There's a certain comfort to be taken in finding that young artists are still moving to New York and trying to make it — and…

Movies

Review: Terry Gilliam's 'The Zero Theorem' is better…

Terry Gilliam's latest, "The Zero Theorem," concerns a reclusive malcontent (Christoph Waltz) struggling with the search for the meaning of life.

Music

Esperanza Spalding and a being called Emily get…

Esperanza Spalding is about to spiral off in a brand new direction that may or may include an alter ego named Emily.

NFL

Oday Aboushi ready for increased role, and to…

Oday Aboushi might feel comfortable enough to engage in some trash talk the next time he is on the field.

NFL

Giants vs. Texans: 3 things to watch

The Giants host the surprising Texans (2-0) in what may already be a must-win game for Big Blue.

NFL

Eric Decker misses practice again, could miss Monday

Jets wide receiver Eric Decker missed practice Thursday as he continues to rehab a hamstring injury suffered last Sunday.

MLB

Derek Jeter still focused on baseball as final…

Derek Jeter has effectively hid his emotions for 20 years in the Bronx.

Parenting

A sneaky way to serve kids fruits and…

"My First Juices and Smoothies" gives smoothie recipes for kids.

Style

3 things we love from Day 1 of…

The highlights from Day 1 of Milan Fashion Week.

Sex

Why don't more couples use condoms?

  Call it the “condom moment.” That’s the name the authors of a new study have given to the pivotal conversation every couple should be…

Sex

Need an idea for a first date? Here's…

Picture your idea of a nice first date. Is it dinner and a movie? A visit to an interesting museum exhibit? Instead, an expert on…