PEPCO Reports Huge Profits, Yet Avoids Paying Income Taxes
Residents Say Rate Hike Adds Insult to Injury for Area Taxpayers
ON SITE CONTACT: James Adams – 202-536-7880 – firstname.lastname@example.org
2 p.m. Pepco 701 9th St. NW
WASHINGTON D.C.—Fed up with obscene executive compensation, poor service, exploiting loopholes to avoid income taxes, and profiteering at the expense of customers, D.C. citizens are demanding Pepco withdraw its $42.5 million dollar rate hike request, cut top executives’ pay in half, and pledge to dedicate the utility company’s multimillion-dollar tax return to infrastructure improvement and job creation.
From 2008–2010, Pepco CEO Joe Rigby earned $8.8 million and Pepco top officers earned more than $22 million. During that same period, Pepco reported $882 million in profits, paid no federal and state income taxes and received $817 million in tax refunds. Meanwhile, D.C. customers received the utility rated “Worst in the Nation,” according to the American Satisfaction Index, and Rigby received a $105,000 salary increase this year.
Following the December OurDC K Street demonstration and Take Back the Capitol protest, more than 200 D.C. residents are sitting in at Pepco’s headquarters lobby demanding a meeting with CEO Joe Rigby. At the customer service center, protesters are paying one penny on their electric bills to symbolize Pepco’s greed. “Rigby is D.C.’s reverse Robin Hood; he’s robbing our hood of quality service and giving the profits to fatten the pockets of shareholders. The 99% deserve wholesome community partners not profiteering corporate vultures,” says John Butler, an OurDC supporter.
More protests are planned as Pepco appears at the Washington Public Service Commission evidentiary hearing Jan. 30 to defend its unwarranted rake hike request.
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