CEOs of US’s top energy firms received average pay raise of $12.3m, review finds
Summary
CEOs of the top U.S. utility companies received an average pay raise of 16% last year, reaching $12.3 million each. This increase happened while many customers faced higher utility bills and frequent power shutoffs.Key Facts
- CEO pay at 38 of 51 major U.S. utilities increased last year.
- The average CEO salary for these companies is now $12.3 million.
- Utility bills have risen by up to 40% in some areas since 2021.
- Utilities shut off power to customers 13 million times nationwide in 2024.
- Customers have paid over $5 billion towards utility CEO salaries since 2017.
- CEOs received perks such as private jets and condos, sometimes paid for by customers.
- Some CEOs got pay raises despite their companies having poor performance and many outages.
- State utility commissions regulate these companies, and customers often cannot choose their utility provider.
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