PHILADELPHIA (AP) — City and utility officials have started a search for a broker to manage a potential sale of Philadelphia's municipally owned gas company to a private entity.
Mayor Michael Nutter said officials believe that the private sector will view Philadelphia Gas Works as a valuable asset, and a sale could result in a "substantial profit" for the city.
Officials said the broker chosen in the request for proposal process begun Wednesday would manage a sale and analyze bids so city and utility officials can decide whether they would benefit customers and taxpayers.
The city says Philadelphia and San Antonio are the only major U.S. cities that still own their gas companies.
A consulting company earlier this year said selling the utility could yield a profit of $146 million to $496 million.