Deadline approaching in PGW sale deal

A deadline is approaching in the process surrounding the planned sale of Philadelphia Gas Works to a private concern.

The pending $1.86 billion sale of PGW to UIL Holdings Corporation has an “out” clause. And if City Council  doesn’t take action by July 15, the Connecticut energy company can exit the deal without a penalty, said Suzanne Biemiller,  Mayor Michael Nutter’s first deputy chief of staff.

Biemiller said she’s hopeful the process will move quickly.

“We’ve given them access to every document created during this process, including thousands and thousands of documents in the virtual data room,” she said. “We think they are close to being finished, at least that is our hope. Our hope is that we can move forward to hearings so we can express why we think this is a good transaction.”

This week, Council President Darrell Clarke told residents opposed to the sale that no hearings have been scheduled. With only a few more council sessions before the council’s summer recess, time is running out.

A UIL representative said the company has confidence in Nutter and Clarke — and their ability to move the process along.