City takes step to find buyers for Philadelphia Gas Works

August 2, 2013 11:58:39 AM PDT
The city of Philadelphia is taking a first formal step in the potential sale of its municipally owned gas company.

The city on Friday issued a request for qualifications as it seeks to identify a qualified buyer for the Philadelphia Gas Works. In this stage, interested buyers would need to show their financial ability and operational expertise to buy, own and manage the system.

Mayor Michael Nutter says the sale of PGW will create jobs, benefit customers and grow the city's economy. The city says it expects to negotiate final terms with the winning bidder in December.

Last year, a consulting company said selling the utility could yield a profit of $146 million to $496 million.