Philadelphia to pursue sale of Gas Works

    Mayor Michael Nutter today advocated for the sale of Philadelphia Gas Works Co. citing a consultant’s report on the utility. 

    Philadelphia’s 176-year-old as utility is the largest municipally owned system in the country, and estimated to be worth between $1.4 billion and $2 billion according to a study released today by Lazard Ltd., reports Bloomberg News. The sale of PGW would result in a net profit for the city.

    “The time is right to consider a sale,” Nutter said today in a statement released shortly before he addressed reporters at City Hall.

    More soon from WHYY’s Tom MacDonald.

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