HERCULES -- The city has selected Pacific Gas & Electric Co. as the best and highest bidder for the money-losing Hercules Municipal Utility.
The amount and other details remain confidential pending the drafting of an Asset Purchase Agreement, according to a joint news release by the city and PG&E.
Founded in 2002, the Hercules Municipal Utility buys power from PG&E and redistributes it locally. It has been a money-loser, with a loss estimated at $130,000 in fiscal 2011-2012 and projected at $520,000 for fiscal 2012-2013, according to an April 2012 staff report.
Last June, Hercules voters passed Measure N, to authorize the sale of the utility, with 76.7 percent yes-votes, more than the necessary two-thirds majority.