Is PGW sale a good deal for Philadelphia?

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    The company that’s trying to buy Philadelphia Gas Works says it is not abandoning its bid for the city-owned utility.

     

    UIL Holdings Corp. spokesman Michael West says the company still wants to buy PGW … even though the $1.86 billion deal is stalled in Philadelphia City Council.

     

    “Hopefully things move as we would like them to in a progressive fashion, but certainly July 15 is not a window that opens and closes its one that is sort of open,” he said. “We’re just cautiously optimistic that the project moves along but clearly the company has an opportunity to re-evaluate how we stand as time progresses.”

    Council President Darrell Clarke said City Council is continuing an independent evaluation of whether selling PGW to the New Haven, Connecticut-based company is a good idea.

    Mayor Michael Nutter wants to use proceeds from the deal to refill badly underfunded pension accounts.

    To get a sense of the potential impact on PGW employees, customers, and the region, NewsWorks Tonight host Dave Heller spoke with Luther Turmelle, energy reporter with the New Haven Register.

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