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A 2011 analysis by Citizens for Tax Justice and the Institute on Taxation and Economic Policy, [http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf "Corporate Taxpayers & Corporate Tax Dodgers: 2008-10"] found dozens of companies, including fossil fuels, used tax breaks and various tax dodging methods to have a negative tax balance between 2008 and 2010, while making billions in profits. The utilities/electric industry were found to take in 14% of the federal subsidies, the second highest of any sector behind only finance.
The study found 32 companies in the fossil-fuel industry -- such as [[Peabody Energy]], [[ConEd]], and [[PG&E]] -- transformed a tax responsibility of $17.3 billion on $49.4 billion in pretax profits into a tax benefit of $6.5 billion, for a net gain of $24 billion. D.C<ref>Brad Johnson, [http://thinkprogress.org/green/2011/11/07/363018/corporate-welfare-for-energy-area utility [[Pepco]] had the highest negative tax rate of the 280 companies surveyed -means-we-paid-24-billion-in the report-taxes-to-them/ "Corporate Welfare For Energy Companies Means We Paid $24 Billion In Taxes To Them,"] Think Progress, Nov. 7, with negative taxes of 2011.</ref> Utilities reported a $508 100 billion on $882 pretax profits, profit from 2008 to 2010 but the industry as a whole paid only a negative 3.7% tax rate of 57 percent.<ref>Robert S. McIntyre, Matthew Gardner, Rebecca J. Wilkins, Richard Phillips, [http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf "Corporate Taxpayers & Corporate Tax Dodgers: 2008-10"] Citizens for Tax Justice and the Institute on Taxation and Economic Policy, November 2011 Report.</ref>
The companies that paid no tax for at least one year between 2008 and 2010 are the utilities [[Ameren]], [[American Electric Power]], [[CenterPoint Energy]], [[CMS Energy]], [[Consolidated Edison]], [[DTE Energy]], [[Duke Energy]], [[Entergy]], [[FirstEnergy]], [[Integrys]], [[NextEra Energy]], [[NiSource]], [[Pepco]], [[PG&E]], [[PPL]], [[Progress Energy]], [[Sempra Energy]], [[Wisconsin Energy]] and [[Xcel Energy]].<ref>Robert S. McIntyre, Matthew Gardner, Rebecca J. Wilkins, Richard Phillips, [http://www.ctj.org/corporatetaxdodgers/CorporateTaxDodgersReport.pdf "Corporate Taxpayers & Corporate Tax Dodgers: 2008-10"] Citizens for Tax Justice and the Institute on Taxation and Economic Policy, November 2011 Report.</ref>