PG&E ordered to immediately return CEO's full pension amount to ratepayer fund

[Newsjock]

Source: San Jose Mercury News

Amid a continuing public and political outcry, state regulators on Tuesday ordered PG&E to clearly show that ratepayers won't be on the hook for the nearly $10 million pension awarded to outgoing CEO Peter Darbee.

One day after PG&E promised to fund Darbee's payout itself, the California Public Utilities Commission told the utility to set up a special account for the money by May 15 and warned the company it would audit PG&E "at any time in the future to ensure that this PG&E commitment is honored permanently," said Julie Fitch, director of the PUC's energy division, in a letter to the utility.

The commission's aggressive stance follows widespread outrage over the retirement package for Darbee, announced last week, which includes $9.6 million in pension benefits that initially was to be funded by ratepayers along with $25.2 million in stock-based awards and other compensation. PG&E said it would comply with the commission's request.

Meanwhile, a Silicon Valley lawmaker on Tuesday urged the PUC to pass new rules that would block ratepayers from paying future pension costs of any utility executives, saying the Darbee episode exposed an unfair practice that saddles consumers with payouts to millionaire utility barons.

Read more: http://www.mercurynews.com/san-mateo-county/ci_17934962

[aquart]

1. Uh, where does the money come from if NOT the ratepayers?

Are they selling drugs on the side?

[CreekDog]

4. stockholders

:hi:

[progressoid]

6. And how do stock holders make money from PG&E?

From consumers (rateholders).

[CreekDog]

7. buying and selling stock in PG&E

and the natural gas is regulated, the electric is quasi-regulated.

[HankyDubs]

9. and the stockholders

are the people they serve, not the ratepayers. The ratepayers can go fuck themselves, only the stock quote matters. Gotta keep that stock price rising...and then San Bruno goes boom.

[spooky3]

14. How exactly would that work?

[DontTreadOnMe]

2. c'mon folks, it's only 34.8 million

Darbee worked hard for that money. Sometimes he even stayed at the office after 5pm. You think it is fair for him not to get that compensation?
Running a monopoly is hard work... not everyone can do it. I think this guy deserves extra!

They should just fire a couple hundred PG&E workers, that would be enough savings to pay out the compensation in one large check.

[plumbob]

11. Oh, I didn't realize he stayed late sometimes.

Gosh, now I feel bad.


;)

[primavera]

12. Lol! - n/t

[gristy]

3. cash is completely fungible

"the California Public Utilities Commission told the utility to set up a special account for the money"

http://en.wikipedia.org/wiki/Fungible

[HankyDubs]

5. PG&E Lies

they lie and lie and lie.

and the Merc ran an editorial about how sweet and lovely they are today. Spoke glowingly about the ripoff "smart meters" I had to go vomit.

[pmorlan1]

8. Bravo!!!!

Now that's what a REGULATOR is supposed to do. I hope the PUC will remember this and if not, I hope the citizens and their representatives lay on the pressure like they did this time.

[Hotler]

10. k&r n/t

[Frances]

13. While the commission is at it,

they should forbid PGand E to fund initiatives. The last PGand E initiative cost millions and the advertising was all lies.