The broker selling Philadelphia Gas Works said the city has received "a lot more than five" submissions from potential bidders to privatize the utility.
Paul Dabbar, the JPMorgan banker who is the city's lead broker on the PGW sale, said Tuesday he was pleased with the response to a request for qualifications from potential buyers that closed Aug. 30. The bidding process is expected to be completed by January.
Dabbar declined to identify potential bidders and dismissed a report by a British trade publication that identified five bidders, most private equity firms.
Infrastructure Journal, quoting unnamed sources, said the city had received responses from Macquarie Group, an Australian private equity giant; KKR & Co., the New York private equity firm; Global Infrastructure Partners, an investment firm with expertise in energy projects; Xcel Energy, a Minnesota utility company with operations in eight states; and Carlyle/Riverstone Energy, a partnership of Carlyle Group L.P. and Riverstone Holdings L.L.C.