As an ex PECO worker, Energy Technician, PECO's employee levels are down to around 4, 500. When I started in 1992 employee level was 11,500. Electric deregulation allowed management to lay off employees and there was no union protection to save those jobs. PECO doesn't have the man power it once had to restore electricity from storm damage.
The benefit John Rowe will get will help John Rowe not shareholders. Rowe is responsible for laying off thousands of workers at PECO Energy which was a transfer of wealth going from the employees to CEO and management types at Excelon
So the rank and file is the problem? Worked for PECO and was laided off along with about 7,000 employees back in late 1990's when deregulation hit. As far as the stock EXC should be a solid company reflecting a better stock price. They sell electric and gas and distribute it. Long term EXC will be fine no matter the management.
You might not have known it at the time, but in March 2008, circa the same month Jim Cramer called him the greatest mind on Wall Street, Lenny Dykstra was going through some money trubs
Don't have to worry about that at PECO Energy part of Exelon. There are no more meter readers. No one to see theft of services by reading meter once a month. If this clown is stealing the gas he should be fired.
Exact opposite will happen. Supermarkets were damaged or lost due to hurricane. They are neede to sell the product.
Worked for PECO. They have shed about 9,000 jobs since deregulation hit. PECO has a lot of nuclear power. People need electricity and natural gas.
Exelon did away with labor costs by getting rid of 9,000 employees, the workers who actually when out and did the work starting in the late 1990's. Agree that the top management gets all the perks. Trickle up economics.
Deregulation was suppose to create competition. Has the opposite effect and at least at PECO lead to massive job reduction. Deregualtion is a fraud plain and simple.
taxeaman You are correct about Vince "convicted felon" Fumo. The guy makes me sick. Fumo actually had a lawsuit ,Fumo being a lawyer ,on deregulation and PECO cut the backdoor deal for 17 million dollars to let deregulation take place.
Corbin McNeil PECO president lost the power struggle for control of Exelon and took his 25 million dollar5 parachute and retired to let Rowe take over.
The job loses at PECO Energy were massive from deregulation and the merger.
Before deregulation if you could land a job at PECO Energy you were going to retire with them. Good paying jobs with benefits.
Energy Technicians are cross trained in gas and electric.Performed electric and gas turn ons and shut offs. High bill complaints , replacing damaged meters, detecting theft of service , responding to gas odors (suburbs).
It was deregulation that caused for the most part job loses at PECO Energy not the merger.
A transfer of wealth from middle class jobs , like PECO Energy jobs to upper management and CEO types like Rowe.
According to Exelon yearly report Rowe just went from 10 million a year to 13 million a year while he put thousands out of work.
Jobs have been lost at Peco Energy due to downsizing.
While some jobs may have shifted to Exelon organization alot of other jobs are simply gone.
1. Meter readers. Gone. Smart meters transmit readings.
2. Energy Technicians. Reduced by 50% from 202 to around
100. Of this I am positive having been an Energy Technician in North Division, Philadelphia.
3. Vehicle mechanics.
Alot more outsourcing of work to Hinkles and McCoy and Carr and Duff doing electrical work.
Have you gone to a PECO building lately. They are ghost towns. The Warminster building where I was a meter reader is like that. The building I worked at in the Northest was sold.
Do you talk with anyone that you worked with at PECO to see waht is going on?
Rowe and his cronies reap the rewards of putting people out of work. Corbin McNeil ex PECO president got the golden parachute of 25 million for retiring.
Deregulation of the electric industry was a jobs killing legislation in PA. Peco
OK. Having worked for PECO Energy as you did you should know my numbers are correct about job loses at PECO Energy. Those numbers 11,500 employees in 1992 to 2,400 employees comes from The PECO Energy yearly reports themselves.
Deregulation enabled Rowe to eliminate thousands of good paying jobs while Rowe and top management reaped the rewards.
Looking at latest yearly reports Rowe got a raise to 13 million from 10 million a year.