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
National

Is #JusticeForAvaLynn a case of bullying?

On Saturday, the hashtag #JusticeForAvaLynn became one of the trending topics on Twitter. Users circulated the above photo of 5-year-old AvaLynn, posted by her mother…

International

Terrorism could spread to US and Europe in…

Saudi Arabia's King Abdullah said terrorism would soon spread to Europe and the United States unless it is quickly dealt with in the Middle East,…

National

Ex-Bitcoin official to plead guilty to Silk Road…

Bitcoin entrepreneur Charlie Shrem has reached a plea deal to resolve U.S. charges that he engaged in a scheme to sell over $1 million of…

International

China's army changes tactics to prepare for war…

Chinese President Xi Jinping has said China will spur military innovation and called on the army to create a new strategy for "information warfare" as…

Gossip

Joan Rivers on life support: Report

TMZ reports that comedian Joan Rivers has been placed on life support, "completely reliant on machines to stay alive." Rivers has been hospitalized since she…

Movies

What's new on Netflix in September

September has a supernatural theme for Netflix. UFO "documentaries" and the survivalist reality series "Doomsday Preppers" are among the new series coming to the online…

Going Out

'Friends' coffeehouse Central Perk coming to NYC —…

"Friends" is coming back for a one-off special: "The One with the Free Coffee." Warner Bros. is bringing a pop-up replica of Central Perk, the…

Movies

Interview: 'As Above, So Below' directors: 5 ways…

The fraternal directors of the found footage horror "As Above, So Below" dish on the best ways to frighten the bejesus out of audiences.

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.

NFL

Jets vs. Eagles: 3 things to watch

A win on Thursday night at the Eagles would give the Jets a 3-1 record and just their second winning preseason under head coach Rex Ryan.

Wellbeing

VIDEO: Still not wearing sunscreen? You will after…

Sunscreen is possibly the most often repeated - and ignored - piece of skincare advice. But Thomas Leveritt took a different tactic. With a short…

Food

Twitter used to track down sources of food…

When Chicago health officials saw Twitter users complaining about local food poisoning episodes, they reached out on Twitter to those users and often ended up…

Style

Trend: White hot on the 2014 Emmy's red…

White was one of the big trends on the Emmy's red carpet.

Food

Recipe: Samuel Adams beer-marinated grilled shrimp

Summer calls for two things: a cold beer and light food. Sam Adams' Latitude 48 IPA fairly bursts with citrus notes, making it an ideal marinade…