PHILADELPHIA-In a 3-2 vote the Philadelphia Gas Commission has approved Mayor Michael Nutter’s request to hire advisers to sell the Philadelphia Gas Works.
Over the objections of unionized gas workers and the city’s public advocate, the commission approved the proposal to spend $2.7 million to hire a team of advisers that would solicit bids for the 176-year old city owned utility, according to a report in the Philadelphia Inquirer.
A financial adviser told the city that it could net as much as $496 million if the utility were sold. The city receives approximately $18 million in annual dividends from the Philadelphia Gas Works. See story in the Philadelphia Inquirer.