Why does Eversource CEO get a bonus?
Eversource plans to double the supply rate for electricity to 0.24 cents per kilowatt hour.
This will result in an average bill increase of $85 per month. Eversource states this increase is" required because of global demand, world events and extreme weather.“ Groton Utilities, which serves 70,000 customers in parts of Groton, Norwich, and the Mohegan Sun, project a supply rate half of Eversource at 0.12 cents. They experience these same events, but rates are far less.
Groton Utilities is municipally owned. They are not a for-profit entity. Groton purchases its power in bulk through a municipal cooperative with other utilities.
Eversource is an investor owned, publicly traded utility. It pays a dividend and is a for-profit corporation. It buys its power in the competitive marketplace. Eversource pays its CEO over $4 million a year which includes $1.8 million in incentive pay. PURA, the regulatory agency, should question why the CEO and other officers should be receiving annual incentive pay when customers, already hurting in this economy, may see their rates doubled.
Marshall T. Chiaraluce