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If it isn’t bad enough that Eversource Energy, the new name for the company that resulted from merger of NStar and Northeast Utilities (NU), jacked up rates an obscene amount on customers, now the utility giant has awarded its CEO Thomas May a $1.3 million pay raise. His 2014 take was a total of $19 million. Where’s the outrage? How they get away with that is something every ratepayer and regulator should ask.
Back in April of 2012 when the monstrous merger between Northeast Utilities and NStar was finalized, company officials promised the union would be good for consumers with the new conglomerate having better bargaining power to negotiate lower rates for customers. Fast forward to 2015—both entities sought huge rate increases.
In Connecticut, electric rates for Connecticut Light and Power (CL&P), a subsidiary of NU, jumped 26 percent in January. Meanwhile, NStar customers in Massachusetts started paying 29 percent more. Somehow, Eversource sees fit to ask for those rate increases while hiking May’s pay by an outrageous amount.
Ratepayers are still smarting from the pathetic utilities’ storm responses in recent years (although their performance this winter has been much better). How can the company justify the huge salary increase for May?