The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Big wolves in business suits

Apr 10, 2006

In Washington, D.C., Pepco, the electricity supplier, will start charging 12% higher rates this summer. For Pepco’s Maryland customers in the D.C. suburbs, rates are to go up more than 38% for each residence.

Pepco will get 234 million dollars more this year, just for that Maryland rate increase. Of course, the company blames it on the cost of electricity from its supplier.

But Pepco just raised its chief executive’s pay to a million and a half dollars, for salary and bonus. In Richmond, the chief officer of Dominion Virginia Power got 2.3 million dollars for 2005. And the chief executive of Constellation, the parent company of Baltimore Gas and Electric, will get five million dollars next year if the sale of Constellation is completed.

And they want to say that the rate increase is because suppliers’ prices went up? Don’t tell us that lie!