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Pacific Gas and Electric and CPUC screws the customers -- AGAIN
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2016 Jan 2, 9:41pm 2,905 views 3 comments
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Patrick
2016 Jan 2, 9:54pm
Patrick
2016 Jan 2, 9:54pm
hey, good dividend stock! thanks for the tip. ;-)
(if they're going to take my money, at least i should be able to get a bit of it back)
http://wolfstreet.com/2016/01/01/happy-new-year-americas-largest-utility-jacks-up-rates-the-most-since-2006-despite-total-collapse-of-natural-gas-prices/
“We want our customers and their families to know that we are here to help them make smart energy choices and save money whenever possible,†cooed Laurie Giammona, senior VP and chief customer officer of Pacific Gas and Electric, on Wednesday between Christmas and New Year’s, when no one was supposed to pay attention.
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Assholes. If PG&E needs capital for grid and pipeline maintenance, they should bloody well be forced to raise that capital in the open market.
I don't give a rats ass if the stock price suffers. The CPUC should have as an absolute rule that utility company dividends may not be paid in years where rates are increased beyond the inflation of the raw materials (natgas etc). In years of deflation, rates should be REDUCED accordingly.
The whole C-suite at PG&E should be fired and several of them should be prosecuted. The crooked members (not all of them) at the CPUC should likewise be booted out and prosecuted for corruption.
PG&E stock (PCG) currently has a 3.38% dividend yield, and the dividends are essentially paid by the rate increases, while the without-increase profits are being used to repair the grid and pipelines. It is an absolute crime.
http://finance.yahoo.com/q?s=PCG