Washington Gas has wider quarterly loss

Jeff Clabaugh writes in the Washington Business Journal about Washington Gas's growing quarterly loss.

The District-based utility had a fiscal fourth-quarter net loss of $13.5 million, or 27 cents per share, compared to a net loss of $11.9 million, or 24 cents per share in the final quarter of 2006. The utility usually reports a loss for the summer quarter, due to lower demand for natural gas.

On another note, it looks like Washington Gas's HR and purchasing employees are out on the street and payroll, IT and customer service jobs will be cut by the end of the year. Merry Christmas! Employees get the lump of coal and management gets fat bonuses and stock options.

I'd suggest the rest of Washington Gas should unionize as soon as possible so someone other than the CEO will be looking out for their best interests.

It's pretty crazy to think that with the cost savings Washington Gas is hoping to rake in, the gas utility is still seeking rate increases in Maryland and D.C. The utility estimates it'll make as much as $2.18. This is good news for shareholders, but bad news for employees and customers. Washington Gas management is slashing the utility's ability to do its job, deliver safe and reliable natural gas.