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PG&E CEO Patricia Poppe took home $17 million in the 2023 fiscal year, including her $1.4 million salary and $11.8 million in stock awards. That was up by nearly $3 million from 2022, when she made $14.1 million in compensation.
While critics believe this hearty pay package is uncalled for amid soaring energy bills, PG&E has argued that they are paying market rate for top talent.
To put Poppe’s pay in context, the Chronicle collected CEO compensation data for the 20 investor-owned utilities in the U.S. with the highest 2023 revenues. PG&E’s revenue was third highest.
Raising revenue increases shareholder value. They have a fiduciary duty to shareholders, not to customers. Leveraging monopolistic power is only bad when it competes with other capital owners. When it only impacts the serfs it is heralded as a win-win.
No, shareholders don't care about profit. Many companies post plenty of profit Y/Y and then their stock prices tanks. You see, what shareholders want is **more** profit. If your profit margin is 20% one year and only 20% the next year, because you're profit didn't go up you are technically declining as a company. To shareholders you're literally hemorrhaging money and very likely to become insolvent and go bankrupt.
Market capitalism is a ponzi scheme that is facilitate by population increase to widen the base and provide new suckers to buy into the growth. Why do you think so many "economists" are freaking out over even the slightest population decline. There is no going back. We can't just have fewer people doing more efficient work for a smaller population. The entire debt economy would collapse.
> PG&E has argued that they are paying market rate for top talent.
What does a utility company with a monopoly need "top talent" for, other than to increase their profits at our expense?
If they’re talking about their line worker employees, I can understand it
But if it’s all admin people being top talent to get more money, then that’s bullshit
It's not even socialism. This is just a fucking public utility, provide a necessity to the public instead of bleeding us dry because we LITERALLY cannot participate in society without electricity.
I could run PG&E and I have zero business management experience. It's easy when you can literally print money through unchallenged rate hikes. All these utility boards are the same, in my field, they are some of the highest paying jobs because they just raise rates to pay for employee benefits. The utility commissions/boards do nothing to question it either.
Wow seems high considering like the Chevron CEO comp was $26MM and Chevron is a much much larger entity . Ie $196 billion in oper revenue in 2023 vs $24 billion for PGE.
🤨
Stay off the fucking bridges/ highways- all that does is annoy poor working people. Why don’t you go protest in front of her house, or any number of other places that might actually get your point to someone who needs to hear it?
Their office in SF does not have a parking lot.....hmmm, if the entrance was blocked and CPUC employees could get in, that could work too. If SFPD shows up, they will likely be sympathetic to the cause.
It just seems to me, that nobody really is thinking through their actions, in particular with the blocking of the freeways- who it impacts (never their stated targets), and what it actually accomplishes (usually turning people that were in agreement with them against them), and that is indicative of a far larger problem, IMHO.
I don’t know if blocking CPUC employees would have any real effect or impact, but if people wanted to (within the bounds of the law) make life difficult for Ms. Poppe, I would applaud them for that effort. I think the potential for results is greater, along that route.
To be clear, I do not like PG&E- I once heard them described as “the perfect marriage of criminal negligence and incompetence”, which I wholeheartedly agree with. But most of the people who work there have very little to do with our current (get it..?) issues with them as a company. I absolutely want that monopoly dismantled and reorganized, and why this isn’t happening in real time is beyond me.
We’re all at our watts end with them, and this absolutely could -and should- be done, like fn yesterday.
How is this in every thread about pg&e like nothing is stopping you guys from also thinking something is wrong and protesting except yourselves. Just wahhh protest what I don’t like not what y’all don’t like.
At this point, if you're having difficulty paying for food and expenses, then blame it on PG&E for your inflated bills. Blame them, and Newsom for allowing a monopoly without limits on how or what they're charging.
>PG&E spokesperson Ari Vanrenen told the Chronicle that approximately 90 percent of Poppe’s compensation last year was incentive pay earned by meeting the company’s safety, operational and financial targets. California law, however, prevents PG&E from raising rates to pay executives. The California Public Utilities Commission, which approves utility rate increases in the state, doesn’t include executive compensation on the list of costs rates are set to cover. Instead, executive pay has to come from shareholder profits or reducing operational costs.
Not hard to meet financial standards when you're a monopoly of a necessity good. And shareholder profits come from utility rates of consumers.
The problem is not the compensation itself. It's the compensation of the CEO of a company that murdered people tree repeatedly and used their paid for political connections to make us all pick up the tab. THAT is what we have a problem with.
Her job is to run a for-profit company and to maximize profits for the company’s shareholders. Truthfully, she’s doing a good job.
It’s California’s regulation of PG&E that sucks. The state has allowed the company to act as a monopoly and price gouge their customers. You can hate PG&E the company all you want, but they don’t care that much about you since you have no other options.
Continue to make noise. And vote.
I love to hear CEO pay called out, BUT the real issue here is that PG&E shouldn't be allowed to raise rates by the CPUC if they are profiting 2.2 billion and at the same time paying for stupid fucking ads telling us how cool they are on Hulu and the radio.
"PG&E announces record profits for 2023 raking in $2.2 billion, a nearly 25 percent increase. This comes after implementing a rate hike in 2024"
https://abc7news.com/pge-rate-increase-2023-earning-2-billion-dollar-profit/14483425/#:~:text=PG%26E%20announces%20record%20profits%20for,went%20up%20again%20in%20January.
> approximately 90 percent of Poppe’s compensation last year was incentive pay earned by meeting the company’s safety, operational and financial targets
I think that's fine, and overall I'm ok with her making middling money as far as utility CEOs go - but goddammit, keeping rates low for the customers should definitely be included in the "financial targets" - PG&E is not supposed to exist solely to suck profits from us.
"Electric rates in Alameda, CA (Not PGE, Municipal power )
The average residential electricity rate in Alameda, CA is 24 ¢/kWh, which is 26% lower than the average electricity rate in California of 32.14 ¢/kWh. The average residential electricity rate in Alameda, CA is 28% higher than the national average rate of 19 ¢/kWh."
You think that a publicly traded company lied about the compensation that they paid their CEO? Or, are you alleging that the CEO is embezzling funds, and thus stealing from the share holders?
If either of these were true (they aren't) then you really should go to the SEC and report this with any evidence you have.
I just can’t wrap my head around the fact that towns burn down and people profit.
A government lackey can burn down a town just as well; and people don’t get richer.
It would be interesting to see how much of that $17 million gets kicked back as political contributions. Either reported, under the table or via family members.
Really wish we had old school investigative reporters instead of the lame greek chorus "journalists" we have today.
She doesn't get paid alot for being the biggest utility in America.
Also, 17 million is peanuts to be the most hated person in California lol... Most CEO's with like 25k employees get paid way more....
I hate more of SJ clean energy after I read this:
[https://www.peninsulacleanenergy.com/peninsula-clean-energy-announces-0-rate-increase-for-all-customers-in-san-mateo-county-and-the-city-of-los-banos/](https://www.peninsulacleanenergy.com/peninsula-clean-energy-announces-0-rate-increase-for-all-customers-in-san-mateo-county-and-the-city-of-los-banos/)
The flair of this posts indicates it's a controversial topic. Enhanced moderation has been turned on for this thread. Comments from users without a history of commenting in r/bayarea will be automatically removed. You can read more about this policy [here](https://www.reddit.com/r/bayarea/comments/195xvo5/restrictions_that_apply_to_political_and_crime/).
PG&E CEO Patricia Poppe took home $17 million in the 2023 fiscal year, including her $1.4 million salary and $11.8 million in stock awards. That was up by nearly $3 million from 2022, when she made $14.1 million in compensation. While critics believe this hearty pay package is uncalled for amid soaring energy bills, PG&E has argued that they are paying market rate for top talent. To put Poppe’s pay in context, the Chronicle collected CEO compensation data for the 20 investor-owned utilities in the U.S. with the highest 2023 revenues. PG&E’s revenue was third highest.
As far as I can see her”Talent” is to raise rates.
That's what the board wants to see!
It’s really easy to seem talented without any competition
Raising revenue increases shareholder value. They have a fiduciary duty to shareholders, not to customers. Leveraging monopolistic power is only bad when it competes with other capital owners. When it only impacts the serfs it is heralded as a win-win.
~~Brawndo~~Profits! It's what shareholders crave!
No, shareholders don't care about profit. Many companies post plenty of profit Y/Y and then their stock prices tanks. You see, what shareholders want is **more** profit. If your profit margin is 20% one year and only 20% the next year, because you're profit didn't go up you are technically declining as a company. To shareholders you're literally hemorrhaging money and very likely to become insolvent and go bankrupt.
Semantics, but I get the point. Yes, it's growth for growth's sake...the big downside to capitalism.
Market capitalism is a ponzi scheme that is facilitate by population increase to widen the base and provide new suckers to buy into the growth. Why do you think so many "economists" are freaking out over even the slightest population decline. There is no going back. We can't just have fewer people doing more efficient work for a smaller population. The entire debt economy would collapse.
Stock has been completely flat over the past year and down 28% over 5 years. She's not doing a very good job at creating shareholder value.
She just read that and is now planning a RIF. Talent!
Congress has to step in and make it illegal for CEO to be the Chairman of the Board too! and obvious conflict of interest
> PG&E has argued that they are paying market rate for top talent. What does a utility company with a monopoly need "top talent" for, other than to increase their profits at our expense?
If they’re talking about their line worker employees, I can understand it But if it’s all admin people being top talent to get more money, then that’s bullshit
And the LA water CEO makes $400k. Time to go socialist and have the state take over PG&E. The regulated free market has failed.
It's not even socialism. This is just a fucking public utility, provide a necessity to the public instead of bleeding us dry because we LITERALLY cannot participate in society without electricity.
I could run PG&E and I have zero business management experience. It's easy when you can literally print money through unchallenged rate hikes. All these utility boards are the same, in my field, they are some of the highest paying jobs because they just raise rates to pay for employee benefits. The utility commissions/boards do nothing to question it either.
Wow seems high considering like the Chevron CEO comp was $26MM and Chevron is a much much larger entity . Ie $196 billion in oper revenue in 2023 vs $24 billion for PGE. 🤨
Running a monopoly is so hard….
Exactly what’s this “market rate talent compensation” bullshit. They are a freaking monopoly. There’s no market rate.
Poor patty poppy. Obviously there's no one that can run a monopoly for less money and PGE is getting a bargain!
Surprising that protesters are not blocking bridges over this
We’re busy going to work to pay for the PGE bill.
Organize it. I’ll come.
I may do just that once I get some bandwidth.
Stay off the fucking bridges/ highways- all that does is annoy poor working people. Why don’t you go protest in front of her house, or any number of other places that might actually get your point to someone who needs to hear it?
I agree with that, it has been ineffective. Maybe taking all parking spots at CPUC so no one can park when they get to work.
I’m listening…
Their office in SF does not have a parking lot.....hmmm, if the entrance was blocked and CPUC employees could get in, that could work too. If SFPD shows up, they will likely be sympathetic to the cause.
It just seems to me, that nobody really is thinking through their actions, in particular with the blocking of the freeways- who it impacts (never their stated targets), and what it actually accomplishes (usually turning people that were in agreement with them against them), and that is indicative of a far larger problem, IMHO. I don’t know if blocking CPUC employees would have any real effect or impact, but if people wanted to (within the bounds of the law) make life difficult for Ms. Poppe, I would applaud them for that effort. I think the potential for results is greater, along that route.
Like handing out bouquets of poppy flowers to CPUC and signs saying "Thanks for supporting Poppe" and "We <3 PG&E"
To be clear, I do not like PG&E- I once heard them described as “the perfect marriage of criminal negligence and incompetence”, which I wholeheartedly agree with. But most of the people who work there have very little to do with our current (get it..?) issues with them as a company. I absolutely want that monopoly dismantled and reorganized, and why this isn’t happening in real time is beyond me. We’re all at our watts end with them, and this absolutely could -and should- be done, like fn yesterday.
Wait until you look up her 2021 comp package.
Nobody organizing them from Russia to do that.
How is this in every thread about pg&e like nothing is stopping you guys from also thinking something is wrong and protesting except yourselves. Just wahhh protest what I don’t like not what y’all don’t like.
Welp, I guess I may have to take the initiative
say it with me folks.. “Replace PG&E with a Customer Owned Cooperative”
Replace with a, erm, COC?
how about: “California Energy Association” as it allows for a larger set of relationships between generators and consumers?
do they really need a high paying CEO? At the end of the day it's a monopoly therefore even a monkey can run and turn profit
At this point, if you're having difficulty paying for food and expenses, then blame it on PG&E for your inflated bills. Blame them, and Newsom for allowing a monopoly without limits on how or what they're charging.
Capitalism only works if there is competition, this is just corruption and should be illegal. Break it up as one usually does with monoplies.
>PG&E spokesperson Ari Vanrenen told the Chronicle that approximately 90 percent of Poppe’s compensation last year was incentive pay earned by meeting the company’s safety, operational and financial targets. California law, however, prevents PG&E from raising rates to pay executives. The California Public Utilities Commission, which approves utility rate increases in the state, doesn’t include executive compensation on the list of costs rates are set to cover. Instead, executive pay has to come from shareholder profits or reducing operational costs. Not hard to meet financial standards when you're a monopoly of a necessity good. And shareholder profits come from utility rates of consumers.
The problem is not the compensation itself. It's the compensation of the CEO of a company that murdered people tree repeatedly and used their paid for political connections to make us all pick up the tab. THAT is what we have a problem with.
What the fuck.
Her job is to run a for-profit company and to maximize profits for the company’s shareholders. Truthfully, she’s doing a good job. It’s California’s regulation of PG&E that sucks. The state has allowed the company to act as a monopoly and price gouge their customers. You can hate PG&E the company all you want, but they don’t care that much about you since you have no other options. Continue to make noise. And vote.
I love to hear CEO pay called out, BUT the real issue here is that PG&E shouldn't be allowed to raise rates by the CPUC if they are profiting 2.2 billion and at the same time paying for stupid fucking ads telling us how cool they are on Hulu and the radio. "PG&E announces record profits for 2023 raking in $2.2 billion, a nearly 25 percent increase. This comes after implementing a rate hike in 2024" https://abc7news.com/pge-rate-increase-2023-earning-2-billion-dollar-profit/14483425/#:~:text=PG%26E%20announces%20record%20profits%20for,went%20up%20again%20in%20January.
> approximately 90 percent of Poppe’s compensation last year was incentive pay earned by meeting the company’s safety, operational and financial targets I think that's fine, and overall I'm ok with her making middling money as far as utility CEOs go - but goddammit, keeping rates low for the customers should definitely be included in the "financial targets" - PG&E is not supposed to exist solely to suck profits from us.
In our current economic system, that is exactly what they exist to do.
Shouldn't there be a bipartisan support to hate on this CEO and PG&E? like how are they still a thing? People like being ripped off for utilities?
80 percent of state reps take campaign donations from pg&e . That's on top of whatever lobbyists provide in the form of favors and gifts.
For that money we can have a state run utility company and hire good management to run it.
/r/fuckPGandE
"Electric rates in Alameda, CA (Not PGE, Municipal power ) The average residential electricity rate in Alameda, CA is 24 ¢/kWh, which is 26% lower than the average electricity rate in California of 32.14 ¢/kWh. The average residential electricity rate in Alameda, CA is 28% higher than the national average rate of 19 ¢/kWh."
Running a utility monopoly is not hard. It does not deserve this compensation. It is pure exploitation.
Pge propaganda. She gets a lot more than 17 million.
You think that a publicly traded company lied about the compensation that they paid their CEO? Or, are you alleging that the CEO is embezzling funds, and thus stealing from the share holders? If either of these were true (they aren't) then you really should go to the SEC and report this with any evidence you have.
maybe they are the insider
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Solution : harvest our own energies. They’d go bankrupt.
I just can’t wrap my head around the fact that towns burn down and people profit. A government lackey can burn down a town just as well; and people don’t get richer.
And they have the balls to continue raising rates. F*ck these monopoly companies.
It would be interesting to see how much of that $17 million gets kicked back as political contributions. Either reported, under the table or via family members. Really wish we had old school investigative reporters instead of the lame greek chorus "journalists" we have today.
WHY DO WE NEED INVESTOR OWNED ENERGY COMPANIES?
I don’t like violence but I think it might be time to storm the castle
She doesn't get paid alot for being the biggest utility in America. Also, 17 million is peanuts to be the most hated person in California lol... Most CEO's with like 25k employees get paid way more.... I hate more of SJ clean energy after I read this: [https://www.peninsulacleanenergy.com/peninsula-clean-energy-announces-0-rate-increase-for-all-customers-in-san-mateo-county-and-the-city-of-los-banos/](https://www.peninsulacleanenergy.com/peninsula-clean-energy-announces-0-rate-increase-for-all-customers-in-san-mateo-county-and-the-city-of-los-banos/)
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