PG&E PROFIT BEFORE SAFETY
PG&E has diverted millions of dollars in funding that was supposed to be used to improve and modernize its system, and instead used it for lavish executive pay raises and bonuses. Some examples:
The big problem this bankruptcy won’t solve for PG&E
CALmatters | January 29, 2019
As a publicly traded corporation, Pacific Gas & Electric reported $17.1 billion a year in revenues from its electric and gas operations. After operating costs, expenses and taxes, it still made out with a profit of $1.7 billion last year.
PG&E diverted safety money for profit, bonuses
SFGATE | January 13, 2012
Pacific Gas and Electric Co. diverted more than $100 million in gas safety and operations money collected from customers over a 15-year period and spent it for other purposes, including profit for stockholders and bonuses for executives, according to a pair of state-ordered reports released Thursday.
Funds for safety went to utility execs' pay instead, PUC president says
Los Angeles Times | March 25, 2015
Money collected from ratepayers and earmarked for pipeline safety was instead spent on executive pay raises by the state's largest utility, Pacific Gas & Electric Co., in the months before a deadly pipeline explosion in 2010, lawmakers were told Wednesday.
PG&E execs awarded big bonuses / Bankrupt utility says $17.5 million payouts needed to keep top talent
SFGATE | April 11, 2003
Bankruptcy is becoming a boom time for some executives at PG&E.
Pacific Gas and Electric Co. has paid $7.2 million in retention bonuses to more than 200 utility executives and managers who last month were also rewarded in a $57.4 million performance incentive program.
PG&E’s top bosses receive hefty pay hikes
The Mercury News | March 27, 2018
Despite presiding over far-ranging uncertainties arising from deadly wildfires in Northern California, PG&E’s top boss captured a hefty increase in total compensation during 2017, according to a new regulatory filing.