Mayor Nutter, State PUC Attempt CPR on Dead PGW Deal
The corrupt Philadelphia City Council killed the sale of the municipally-owned Philadelphia Gas Works earlier this week (see Philly City Council Kills the Phila. Gas Works $1.86B Deal). PGW is bleeding money and rates for residents are sky high, in no small part because they still buy their gas from the Gulf Coast instead of getting it from the nearby (and super cheap) Marcellus region in their own state! What’s next in the process? Philly’s Democrat Mayor, Michael Nutter, along with the state Public Utility Commission (PUC), haven’t quite given up on the deal–not yet. They’re bringing enormous pressure on council members to at least take a vote, something Council President Darrell Clarke has been unwilling to do. The PUC had been waiting to conduct hearings on PGW because of the impending sale. With the sale off, the PUC is turning up the heat and will hold hearings in the next two weeks to demand answers from PGW (and Council) on how they’ll fix the mess they’ve created…
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Last week Cabot Oil & Gas issued its third quarter update. The official announcement was long on the financials and very short on details for their ongoing Marcellus Shale program in Susquehanna County, PA. We’ve lifted the relevant (short) section below. However, the company also held the ubiquitous analyst phone call and in that phone call (transcript below), we get a lot more detail about Cabot’s Marcellus program. One gem: the company is now producing 1.8 to 2.0 billion cubic feet per day of natural gas in the Marcellus. Cabot will be the first company to be officially inducted into the record-breaking 2 Bcf/d Club! Although the company plans to drill 180-190 new wells in 2015, only about half of those wells will be in the Marcellus. Alas, another shale play is now turning the head of Cabot…
There’s a reason Philadelphia has the reputation of being one of the most corrupt cities in America–because it is. We have proof. Back in March of this year, after a long, hard process, the Democrat Mayor of Philly, Michael Nutter, announced a deal to sell the municipally-owned (and bleeding money) Philadelphia Gas Works to UIL Holdings Corporation, a Connecticut-based investor-owned gas and electric utility holding company (see 
It’s old news, but is just now hitting the public domain. PVR Midstream, which is now part of Regency Energy Partners (see