SACRAMENTO (CBS13) — While PG&E has been raising rates on its customers, it’s also been raising the salaries of its top executives.
The new revelation has many PG&E customers upset and questioning the company’s decision to award millions of dollars in salaries with perks that apparently come with the job, while customers struggle with skyrocketing bills.
Customers were facing bills that doubled and tripled, leaving them worried they wouldn’t be able to pay. Now that fear has turned to fury after company filings show top PG&E executives raked in big bucks in 2016.
Current CEO Geisha Williams was earning $4.2 million in salary and perks even before her promotion
Mindy Spatt with the consumer advocacy group TURN says some of the compensation is funded through shareholders, but most of it falls on customers.
“We’re not sure why these executives are being rewarded,” she said. “Even if PG&E was a really good company, these salaries would be excessive.”
Outgoing CEO Anthony Early earned nearly $12 million in compensation, including a 9 percent pay raise. PG&E President of Gas Operations Nick Stavrapolous took in nearly $4 million with a similar raise.
And on top of her salary, Williams received $20,000 for transportation $8,000 to help manage her money.
Margaretta Mitchell saw soaring prices this year, with her winter bill hitting the $700 mark. She doesn’t think she should pay more to pad the pockets of PG&E executives, noting 2016 wasn’t exactly a banner year for the utility. In 2016, the company was on trial and found guilty of negligence in the 2010 San Bruno pipeline explosion that killed eight people.
The utility insists the compensation is fair and is typical of salaries of similar positions at other private utility companies.