ExxonMobil Corp. shareholders achieved a small amount of satisfaction on Wednesday when a proxy measure allowing outsiders to be nominated to the board was approved at the annual meeting, but otherwise, measures that would have required the oil major to be more transparent in its onshore drilling and to change how reserves are reported were soundly rejected.
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California Regulators Target PG&E in Penalty Cases
Following a stinging rebuke of its natural gas pipeline operations from an independent review panel, Pacific Gas and Electric Co.’s (PG&E) electric utility operations face two new penalty consideration cases for alleged violations of California Public Utilities Commission (CPUC) rules. State regulators said earlier in June that they were opening the cases, one of which is recommending a $7.1 million fine.
California Regulators Target PG&E in Two Penalty Cases
Following a stinging rebuke of its natural gas pipeline operations from an independent review panel, Pacific Gas and Electric Co.’s (PG&E) electric utility operations face two new penalty consideration cases for alleged violations of California Public Utilities Commission (CPUC) rules. State regulators said last Friday they were opening the cases, one of which is recommending a $7.1 million fine.
U.S. Court Rules FERC Overreached in ISO Orders
In a clear rebuke to FERC, the U.S. Court of Appeals for the District of Columbia Circuit on Friday ruled the Commission went too far in an order that restricted certain rights of electric utilities involved in an independent system operator (ISO), and violated the Mobile Sierra doctrine in unilaterally requiring reformation of pre-existing wholesale power contracts.
Consumer Reports Gives Deregulation a Failing Grade
Consumer Reports has given deregulation, not just of energy but also four other industries, a scathing rebuke in a new report titled “Deregulated.” While consumers have made some gains under deregulation, Consumer Reports said, on balance they’ve lost ground. “Service has typically deteriorated. Consumer rights have sometimes suffered. Claimed price cuts are often not all they seem. And when free markets have gone bad, deregulated industries have seen no contradiction in getting multi billion-dollar government bailouts,” the study concluded after examining the results of deregulation on five industries that directly impact consumers — airlines, telephone, cable TV, banking and electricity.