PHILADELPHIA — Officials in Philadelphia say they have narrowed the list of bidders for the city's municipally owned gas utility.
However, they wouldn't say Tuesday how many potential buyers remain for Philadelphia Gas Works. More than 30 qualified parties had expressed in interest in the company in August.
The mayor's office says the remaining bidders will now get more detailed information about the company's operation.
Consultants say selling the utility could yield a profit between $422 million and $872 million. That's up from initial projections of between $146 million to $496 million.
The sale requires the approval of City Council and the state Public Utility Commission. Final bids are due in January, and the city expects to finalize the sale terms by February.