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PG&E Spent Money for Gas Line Repair on Bonuses Instead

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DEPT. OF "YOU GOTTA BE KIDDING ME"
DailyFeed
That PG&E gas line that exploded a week ago in San Bruno, CA? You know, the one that was laid down in 1948, was listed in PG&E's most recent rate filing as being in the top-100 risks for failure, and killed four people (three are still missing), injured 52, destroyed 52 homes, and blew the doors off a grocery story a quarter-mile away?

Yeah, that one. Well, it seems that PG&E imposed rate increases on its customers to raise the $5 million necessary to do the work, only...see, uh, right...how do I say this... Okay, PG&E never spent the $5 million on fixing the crumbling 62-year-old pipe.

No, the utility put that $5 million to better use; took care of a few things that were more, you know...pressing.

"The money was spent on what they call higher priority work," said TURN (The Utility Reform Network).

Higher priority work -- like using it for bonuses for six top executives.

TURN executive director Mark Toney says, "The company's priorities seem to be skewed."

That would fall under the category of what might be generously called a "mild understatement."
POSITION:  No positions in stocks mentioned.

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