Breaking News: America's Next Energy Hub - Philadelphia Dealt Major Setback
In 2012, the city of Philadelphia announced plans to privatize the Philadelphia Gas Works ("PGW"), the nation's largest municipality-owned natural gas utility with more than 6,000 miles of gas mains and service pipes supplying approximately 500,000 customers in the city of Philadelphia.
The sale was positioned as a means to fix the municipal pension fund as well as the centerpiece of an energy hub.
In May 2014, it was announced that UIL holdings, the Connecticut-based gas and electric utility holding company, had purchased PGW for $1.86 billion.
However, the Philadelphia City Council has stepped in and dealt Philadelphia and UIL a major setback.
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