Report EXPOSES How Utility Companies Are Robbing You!
December 14, 2022
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7:19Now PlayingReport EXPOSES How Utility Companies Are Robbing You!
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as posted by the channelUtility companies are making massive profits while 20% of Americans are behind on their utility bills. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 68 pm ET.
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"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 shareholders—as 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.
"It is clear corporate greed continues to be a primary driver of high costs on everything from groceries to heating bills."
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."
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