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I worked at an electric utility in the tech side and we had a steady brain drain of guys going to Google, Meta in order to 2x or 3x their TC. Money talks.
by carabiner 3y ago
I worked at an electric utility in the tech side and we had a steady brain drain of guys going to Google, Meta in order to 2x or 3x their TC. Money talks.
- KennyBlanken 3y agohttps://www.google.com/search?q=US+electric+industry+profits https://www.google.com/search?q=US+electric+industry+profits That seems to be a "management is unwilling to pay enough" problem, not a "the industry is struggling and needs a government handout for relief from the burden of enhancing security" problem. Congresscritters are demanding we cut "fat" out of basic social assistance programs by increasing requirements from beneficiaries but we're going to give electrical companies, making half a trillion in profits running basic infrastructure, a big handout, with trivial or no requirements? Pass.
- 0xBDB 3y agoYou're looking at revenue numbers, not profits. Profit in the utility industry is 0 on operations and maintenance expenses and 0-9% (depending on whether you are a public utility or co-op, of which there are many, and whether your regulator thinks you've been good or bad lately) on capital expenses. Expenses must be approved by the regulator as well. How strict that is depends on the state but in New York for example it's approved at the department level. All utility salaries are below non-utility equivalents and keeping people from going to Google or Meta by paying higher salaries is effectively illegal. This is not to boo-hoo for utilities. The ones that are for-profit do fine. But they are not parasitically extracting vast profits because that isn't allowed.