Council Members Kill Proposed Sale of Philadelphia's Gas Utility - Video - TheStreet

Council Members Kill Proposed Sale of Philadelphia's Gas Utility

Philadelphia Mayor Michael Nutter is calling the City Council's decision to effectively kill the proposed sale of the city's gas utility a 'cop-out.'
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Philadelphia Mayor Michael Nutter is calling the City Council's decision to effectively kill the proposed sale of the city's gas utility a 'cop-out.' Council President Darrell Clarke says there was 'no appetite' for the proposed $1.86 billion sale of Philadelphia Gas Works to UIL Holdings Corp. 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. Nutter told reporters that the council's decision was 'quite possibly the biggest cop-out that we've seen in recent legislative history in Philadelphia.' PGW is the nation's largest city-owned gas utility. It has more than half a million customers and more than 1,600 employees.