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PG&E: Monopoly Power and Disasters by the Rich 1%
Key Excerpts from Article on Website of Project Censored
Posted: January 27th, 2020
https://www.projectcensored.org/pge-monopoly-power-and-disas...
The Pacific Gas and Electric Company (PG&E) has diverted over $100 million from safety and maintenance programs to executive compensation at the same time it has caused an average of more than one fire a day for the past six years killing over 100 people. PG&E is the largest privately held public utility in the United States. A new research report shows that 91% of PG&E stocks are held by huge international investment management firms, including BlackRock and Vanguard Group. PG&E is an ideal investment for global capital management firms with monopoly control over five million households paying $16 billion for gas and electric in California. Between 2006 and the end of 2017, PG&E made $13.5 billion in net profits. Over those years, they paid nearly $10 billion in dividends to shareholders, but found little money to maintain safety on their electricity lines. A 2013 Liberty Consulting report showed that 60% of PG&Es power lines were at risk of failure due to obsolete equipment and 75% of the lines lacked in-line grounding. Between 2008 and 2015, the CPUC found PG&E late on thousands of repair violations. A 2012 report further revealed that PG&E illegally diverted $100 million from safety to executive compensation and bonuses over a 15-year period. In November, 2018, the PG&E caused Camp fire burned 153,336 acres, killing 86 people, and destroying 18,804 homes, business, and structures. PG&E has caused some $50 billion in damages from massive fires started by their failed power lines.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption from reliable major media sources.
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