PHILADELPHIA—The City Council on Monday eveningrejected the proposed $1.86-billion sale of thePhiladelphia Gas Works to ULIHoldings of New Haven, CT.
Philadelphia City Council President Darrell L.Clarke said that after six months of due diligence, "Thesimple reality is that there is no appetite to sell PGW as proposedby that specific, very specific proposal."
The council's decision was criticized by ULI and PhiladelphiaMayor Michael Nutter, who had supported the saleof the utility to help fund the city's pension system, according tothe Philadelphia Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
