CITY OF PHILADELPHIA LAUNCHES WEBSITE TO TRACK PGW SALE

Philadelphia, March 22, 2013 – The City of Philadelphia and the Philadelphia Gas Works (PGW) have launched a new website to ensure that the public is kept up to date as the examination of a potential PGW sale continues. The website – www.exploringasale.com – includes sections regarding how a sale would affect PGW customers, employees and the business community, as well as frequently asked questions, studies and media coverage of the issue.

 

Mayor Michael A. Nutter, who has been advocating for a sale, states in his website message that he will proceed with the transaction only if an offer is high enough and is proven to be in the City’s best interest.

 

“Changing the ownership of a 175 year old company can be an unsettling prospect. I understand that. This is not a decision anyone, least of all me, is taking lightly. My pledge to the citizens of Philadelphia is that we will sell PGW only if it makes sense for customers and taxpayers and if our most vulnerable citizens are protected,” Mayor Nutter said.

 

The next step in the sale process is the hiring of a broker who will oversee the outreach to attract private companies to bid on PGW and ultimately to complete the transaction. The naming of a broker is expected shortly. That is an example of information that would be immediately posted at www.exploringasale.com.

 

“The question being asked right now, through a deliberative and consultative review process launched by Mayor Nutter, is whether the current business model delivers the best value to PGW’s customers and to the City,” said PGW CEO Craig White. “With PGW in such a stable financial state, with a solid management team and new market opportunities, this is the right process, at the right time.”

 

The website also includes a section for submitting comments and questions about additional information that viewers feel should be included on the website.

 

Founded in 1836, PGW is the nation’s largest municipally-owned gas utility.  It serves approximately 500,000 residential, commercial and institutional customers throughout the City, and generated revenues of $766 million last year.

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