Con Ed Execs Return Bonuses

Tuesday, April 30, 2013


Consolidated Edison executives are returning $614,400 in bonuses they got apiece for leading the utility during a tumultuous 2012 that including Sandy when Lower Manhattan was plunged into darkness for days.

The utility made the announcement Tuesday, a day after Governor Andrew Cuomo sent Con Ed a letter saying he was concerned about the payouts and wanted the Public Service Commission to review the bonuses to make sure the money wasn't coming from taxpayers.

The governor's office also asked the commission to look at $3.8 million in incentives the utility paid, said Richard Kauffman, the governor's energy czar.

"Six months ago, almost to the day, Superstorm Sandy hit and millions of customers suffered and so it's disappointing that Con Ed announced a plan to pay bonuses to its senior executives," Kauffman said. "It's not a great anniversary gift."

A spokesman for Con Ed, Michael Clendenin, said the money for incentives and bonuses came from shareholders and not ratepayers. The company will cooperate fully with the Public Service Commission's review, he added.


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