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Philly city council nixes $1.86B sale of gas utility to UIL

Oct. 27, 2014 4:49 PM ETAvangrid, Inc. (AGR) StockAGRBy: Carl Surran, SA News Editor1 Comment
  • The Philadelphia City Council announces its opposition to the proposed $1.86B sale of the city’s publicly owned gas utility to UIL, denying Philly Mayor Nutter one of his top priorities.
  • The council says an outside consultant found a sale would net the city $200M-$400M rather than the $400M-$600M cited by the mayor, and voices concerns over the lack of a guarantee that rates would stay “reasonably affordable” after a promised three-year rate freeze.
  • ~1,100 employees at the 178-year-old Philadelphia Gas Works are in the gas workers union, which has opposed the sale.

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