FOR IMMEDIATE RELEASE: CONTACT: James Adams 202-‐536-‐7880 June 11, 2012 email@example.com
1313 H Street NW
D.C. CUSTOMERS URGE PUBLIC SERVICE COMMISSION TO BURY 42.5 MILLION RATE HIKE; NEW ORLEANS FUNERAL PROCESSION BURIES RATE HIKE AND URGES $2 MILLION PEPCO FINE
Utility cuts jobs, awards millions to executives, dodges income taxes
WASHINGTON D.C.— Nearly one hundred Pepco customers urged the D.C. Public Service Commission to reject Pepco’s $42.5 million rate hike request during final stages of evidentiary hearings. D.C. Pepco customers challenged Pepco’s attempt to pry more dollars out of the pockets of unemployed and under employed residents with its latest $ 42.5 million rate hike appeal. Wearing posters with statements such as “882 million profit isn’t enough?” and “make shareholders pay the 45.2 million they have the money”. Pepco lawyers were greeted by objections from struggling senior citizens as they made remarks.
Outside the hearing on H Street over 50 protesters conducted a New Orleans style funeral procession and service. Pepco CEO Joe Rigby and his 4.25 million rate hike were eulogized .
Last Thursday Pepco announced a 27 cent per share dividend payment to shareholders; the next morning there was a major power outage in nearby Silver Spring, Maryland attributed a bad transformer. “Pepco earns millions of dollars and pays it shareholders big checks while asking me, an unemployed mother of three who’s looking for work to pay more to keep my lights on. I feel like Pepco’s on welfare and I’m paying to put food on a millionaires table. Pepco wants my last penny”, says Ashley Howard, an OurDC supporter.
Pepco shareholders should bear the cost of job creating infrastructure improvements, and not be allowed to recover money from D.C. customers. Rate payer money clearly went into the pockets of investors instead of into infrastructure repair and local job creation.
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.
OurDC urges DC residents to visit our website thisisourdc.org where they can send a letter urging the public service commission to deny rate increase.
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