A Rough Day for Pepco
The most hated company in America couldn't catch a break yesterday. As one of its executives laid out proposals to bury some of the city's power lines, nearly 200 anti-Pepco protesters chanted outside the hearing room and inflated a giant pig bearing the words "Pepco is greedy" in front of the Wilson Building.
At the same time, the union representing Pepco's workers rejected the company's contract offer and may soon go on strike.
And the D.C. Public Service Commission rejected Pepco's desired rate hike—which would have raised ratepayers' average monthly bills by more than $5 a month after some less-than-stellar service in recent months—and instead granted the company an increase of barely half that figure.
So let's all take a moment to sympathize with the company that reported $882 million in profits between 2008 and 2010 while paying no federal or state income tax and receiving more than $800 million in tax refunds.
Pepco-appropriate music after the jump.
Photo by Darrow Montgomery