Title
Authorizing City Council's Committee of the Whole to hold hearings to fully explore opportunities to further establish the Philadelphia region as an energy hub.
Body
WHEREAS, In July 2010 the Nutter Administration began pursuit of an effort to privatize the Philadelphia Gas Works (PGW) with no public hearings and no input of the City Council of Philadelphia; and
WHEREAS, In February 2012 the Nutter Administration released a commissioned study by Lazard Frères & Co. LLC on strategic options for PGW, including but not limited to sale to a private entity; and
WHEREAS, In August 2012 the Administration retained investment banking firms, law firms, public relations firms, and lobbying firms as part of a decision to pursue privatization of PGW that was made outside of public view and without the input of City Council; and
WHEREAS, In March 2014 the Administration announced an agreement to sell PGW to Connecticut-based UIL Holdings Corp., a private shareholder-owned corporation, which had been entered into outside of public view and without the input of City Council; and
WHEREAS, In mid April 2014 the Administration began to make available on a confidential basis some documents and materials related to the bidding process and Asset Purchase Agreement (APA) between the Administration and UIL; and
WHEREAS, The APA, which was entered into outside of the view of the public and of City Council, contains numerous complex provisions agreed to by the Administration with no opportunity for the public or City Council to have input into the terms of the APA; and
WHEREAS, Following exhaustive review, City Council determined the Administration's agreement to sell PGW excluded the possibility for the City to utilize PGW to capture the upside benefits of the growth in energy economy opportunities and was insufficiently beneficial to the City of Philadelphia and its residents; and
WHEREAS, Over the last five years, the energy industry in Pennsylvania ...
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