City of Philadelphia Putting Its Gas Works Up For Sale
Mayor Nutter, announcing his intention to sell PGW.
PHILADELPHIA (CBS) — Mayor Nutter is putting the Philadelphia Gas Works on the market.
The mayor’s announcement today follows the release of a study that found selling the natural gas utility makes sense for the city.
The study by the financial consultancy Lazard Ltd. — commissioned by the city and more than a year in the making — concludes that selling PGW could bring in more than enough to pay off PGW’s debts, which are put at $1½ billion.
And Lazard says the sale could bring customers better service and reduced cost.
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