EnergyBiz - November 21, 2005 (News Release)

Utility executives' total compensation - salary, bonus and stock - increased by 15.8 percent in 2004 compared to 2003 - double the rate of growth the year before that, according to newly released figures by the Conference Board in New York. The board findings are presented in an article in the November/December issue of EnergyBiz magazine, which can be viewed at http://www.energybizmag.com.

The median utility executive's total compensation was $1.7 million in 2004, compared to $1.1 million in manufacturing, $1.1 million in diversified service companies and $960,000 in banks, the board reported. The figures were based on data from 171 utilities, 1,066 manufacturers, 515 diversified service companies and 222 banks.

Jon Weinstein, a principal with Towers Perrin, a human resources consulting firm, said boards of utilities have varying approaches to executive pay. "Some target the middle of the market, some target the middle of the market for some job categories and the upper range for other categories."

EnergyBiz magazine circulates to more than 20,000 executives and senior managers in the electric and natural gas industry, as well as industry experts, regulators and analysts. This month it was awarded a Gold medal in Folio magazine's prestigious Eddie Awards in the category of "energy/utilities/engineering."