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PGW erases its debt to city
The Philadelphia Gas Works last Friday paid off the remaining $22.5 million on a $45 million loan from the city, erasing a controversial debt dating to the early days of Mayor John F. Street's administration.
After state regulators last fall approved a $25 million rate increase for the utility, PGW wrote the city one check for $2 million, then another for $20.5 million, paying off a portion of the debt for the first time since 2000.
Until recently, doubts persisted about whether PGW - which still faces significant money problems - would ever repay the loan, which the city made to bail the utility out of serious financial difficulties. - Marcia Gelbart