Philadelphia's plan to sell gas utility is dead
Source: Associated Press
Philadelphia's plan to sell gas utility is dead
| October 27, 2014 | Updated: October 27, 2014 4:23pm
PHILADELPHIA (AP) — Philadelphia City Council members are effectively killing the proposed sale of the city's gas utility to a Connecticut firm.
The deal required City Council approval. But Council President Darrell Clarke says there was "no appetite" for the proposed $1.86 billion sale of Philadelphia Gas Works to UIL Holdings Corp.
Mayor Michael Nutter's administration had no immediate comment.
Nutter said in March that the sale would inject $424 million into the city's distressed pension fund, freezing rates for three years and maintaining low-income and senior discount programs while safeguarding pensions.
Union leaders and several environmental organizations opposed the idea.
Read more: http://www.chron.com/news/us/article/Council-rejects-Philadelphia-gas-utility-sale-plan-5851026.php
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Because the city needs to hold on to its assets (PGW and the airport) until and unless we are in dire straits.
UIL had been running hundreds and hundreds of ads over the summer on the top stations pushing for the sale and basically assuming that it was a done deal. The ads were light and cheery as they introduced themselves to the city and started measuring the drapes. But when City Council began to balk in September, the ads suddenly shifted and took on a dramatically apocalyptic tone - threatening that the streets in the city would start blowing up beneath our feet unless they were brought in to save us.
PGW has been in existence as a city-owned and city-operated utility since 1836, meaning 178 years. For some fly-by-night unregulated energy "holding" company to come in believing the bullshit from our DLC mayor - well, they got a taste of Philly politics. As it is, they would have a hard time operating in a state that still more strongly regulates utilities. And the total number of employees who work for PGW (all municipal employees) is almost as much as the entire workforce of all of the utilities that this holding company owns in New England.
Bravo to City Council! 
