Philadelphia City Council did not schedule hearings on the proposed sale of Philadelphia Gas Works to UIL Holdings Corp., confirmed PGW spokesman Kirk Dorn.
Profits of the sale were scheduled to go to the Philadelphia Public Employees Retirement System.
“The council has said it needed more time to study all the relevant information and will resume this matter when they meet again in September,” Mr. Dorn said in a telephone interview.
If and when the sale is completed, the Philadelphia Public Employees Retirement System will receive anywhere between $424 million to $600 million. The $4.5 billion pension fund is currently 47% funded.
Under the terms of the deal, UIL can cancel the sale if the council has not approved the sale by July 15. Mr. Dorn said he does not anticipate that will happen. UIL spokeswomen Susan Allen and Michelle Hanson could not be reached by press time.
