Current Events > Utility companies reap 14 BILLION profit as houses SUFFER

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https://www.rawstory.com/corporate-greed-at-its-worst-top-us-utility-giants-reap-14-billion-in-profits-as-households-suffer/

With colder winter weather looming, a new analysis released Tuesday shows that the nine largest energy utility companies in the U.S. raked in nearly $14 billion in combined profits during the first three quarters of this year

and dished out roughly $11 billion to their wealthy shareholdersas tens of millions of U.S. households struggled to pay their utility bills due to soaring costs.

The watchdog group Accountable.US found that NextEra Energy, Duke Energy, Southern Company, Dominion Energy, Constellation Energy, Eversource Energy, Entergy Corporation, DTE Energy, and CMS Energy Corporation brought in $13.8 billion in the first nine months of this fiscal year. The firms, the nine largest in the U.S. by market capitalization, returned over $11.2 billion to shareholders during that period in the form of dividends and stock buybacks.

The utility giants' massive profits have come at a cost to U.S. households, roughly 20 million of which are behind on their utility payments as providers continue to raise rates across the U.S., pushing home energy costs to unaffordable levels and prompting warnings of a "tsunami of shutoffs."

The Center for Biological Diversity recently estimated that utilities have shut off households' power 440,000 times across 15 states that have made their rates publicly available, a large increase from last year.
"Well-heeled utility company CEOs are holding consumers' feet to the fire

"Well-heeled utility company CEOs are holding consumers' feet to the fire with exorbitant energy prices," Liz Zelnick, director of Accountable.US' Economic Security and Corporate Power program, said in a statement Tuesday. "Not because they have to, judging by their own high profits and generous giveaways to wealthy investorsbut because they can with colder weather on the horizon."
"To prey on families who use a necessary service with unreasonable and unjustified rate hikes is corporate greed at its worst," Zelnick added.

I don't know about other states, but Duke Energy raking in that much profit is particularly bullshit because they're allowed to have a monopoly in NC.

And they say they say prices are that high because they would operate at a "loss"

But "loss" in business is "I could have made $100 profit but I only made $90 profit, I LOST $10 I never had"

"they worked harder so they deserve more money"

Duke energy called my saying they were gonna cut my power off on Christmas Eve because I was behind a month

Doe posted...

Duke energy called my saying they were gonna cut my power off on Christmas Eve because I was behind a month

That's borderline illegal

MarcoRubio posted...

That's borderline illegal

The language was really weasel-y. I would be disconnected "on or after December 24"

Energy companies should be nationalized, the assholes burned down my house due to their incompetence.

getting dinged an extra 30$ per month atm because of the heater.
it gets fucking cold and the dog's arthritis is worse without it.

what was that topic about capitalism works when people suffer?

imagine how much better life would be without greedy corporations willing to make people suffer all to squeeze more profit

This is one of the reason why I'm leaning on going solar. Not because it makes almost no sense to do it financially, but because I feel like these power companies pretty much charge whatever they feel like. There's no way for me to "shop around" utility companies.

imagine if people didnt argue in favour of small government, and services like this were public and regulated

Slaya4 posted...

I feel like these power companies pretty much charge whatever they feel like. There's no way for me to "shop around" utility companies.

That's why utilities are supposed to be highly regulated. There was a big push in the early 20th century towards trust-busting and cracking down on anti-competitive, anti-consumer behavior, but after things settled down everyone realized buying yourself a regulatory body was astronomically cheap compared to the profits to be made under an illegal monopoly.

Doe posted...

Duke energy called my saying they were gonna cut my power off on Christmas Eve because I was behind a month

How you get them to not do it?

They used the covid and war as an excuse to put up the prices? Or at least they put it up to cover the cost and some more to continue making profits and more profits once the cost went back down for them but not the consumers?

https://gamefaqs.gamespot.com/a/user_image/9/2/5/AAALU-AADP_V.jpg

Corporations make money on the backs of individuals.

Those individuals hate it, but do nothing about it.

Wash. Rinse. Repeat.

bigblu89 posted...

Corporations make money on the backs of individuals.

Those individuals hate it, but do nothing about it.

Wash. Rinse. Repeat.

Are you a corporation or a lazybones?

We had some shady shit where the state is supposed to negotiate on our behalf and you also have the option to opt out of that and shop around.

Last year, the state sent out post cards saying they did a bad job and you should opt out. But who the fuck reads junk mail looking post cards? So many people either assumed electricity doubled in price for some reason or had to at least pay an extra month before they noticed and switched

Jiek_Fafn posted...

the state sent out post cards saying they did a bad job and you should opt out.

Wow...

Basically, "yeah so we took bribes fyi..."

Nationalize the utilities.

Pure evil imo

Same in the UK.

They've never has better profits, yet prices are still set to drastically rise.

FunkyCat posted...

Same in the UK.

They've never has better profits, yet prices are still set to drastically rise.

hmm
wonder what could be the issue....

well yeah. what are you going to do, not have electricity?

MarcoRubio posted...

That's borderline illegal

Not borderline illegal, just straight illegal in my state. They can't shut off your energy in the winter months, usually November-April. I guess maybe warmer states don't have that protection?

WingsOfGood posted...

Are you a corporation or a lazybones?

In this particular case, neither.

My electric bill is $18 a month thanks to the solar panels on the roof of my house that have been paid off for 4 years now.

bigblu89 posted...

In this particular case, neither.

My electric bill is $18 a month thanks to the solar panels on the roof of my house that have been paid off for 4 years now.

How much did pabels cost tho and down you own them?

WingsOfGood posted...

How much did panels cost though and down you own them?

I now own them outright, yes.

I don't recall the exact number offhand though. But like I said, they've been paid off for 4 years, so I am neither the corporation, not the lazybones, that contributed to the $14 Billion profit utility companies made this year. Unless you count the $216 maintenance fees I paid.

My power company charges a $30 minimum. So I could literally use $1 worth of electricity and would have to pay $31. Our actual consumption, depending on outside temps of course, is between $30-70 a month. Which wouldn't be too bad. But that extra thirty really ticks me off.

Republicans: itZ Da FreE MarktZ