Mason: power companies earning unreasonable profits
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Alberta’s NDP Opposition leader Brian Mason says a review of power company profits and CEO salaries shows that deregulation is needlessly costing consumers money on their power bills.
“Even though power companies are making more than their share, Albertans are paying the highest fixed price ever for electricity. It’s time to regulate,” Mason says.
Profits of power generators in Alberta rose as much as 25 per cent between the third quarter of 2010 and the same time in 2011. Enbridge made almost two thirds of a billion dollars in just three quarters of 2011. Meanwhile, Enbridge CEO Patrick Daniel earned more than $8 million in compensation in the same year.
“Families shouldn’t be forced to become experts in markets and pricing to avoid being gouged. Power companies are taking Alberta power consumers for a rollercoaster ride monthly. Albertans want off this ride,” Mason says.
An NDP government would freeze power prices at a fair, affordable level and then require power companies to justify rate increases before a utility board.
“Regulation is the only way Albertans are going to get the fair, stable and affordable power prices they need to protect family budgets and keep businesses competitive,” says Mason.
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For more information contact Richard Liebrecht, Communications Officer
(o) 780.644.8669 (c) 780.916.3937 (e) Richard.liebrecht@assembly.ab.ca
Alberta’s NDP Opposition - On Your Side.
#501 Legislature Annex, 9718-107 St, Edmonton, AB. T5K 1E4
Backgrounder
For Immediate Release
Jan. 18, 2011
Power company profits and CEO salaries
In 2011, the Average Albertan earned an annual salary of $49 500[1]
This is what top executives at your local power company received in the same year;
|
Executive |
Company |
Total Annual Compensation, 2011 |
|
Don Lowry |
Epcor |
$2, 751, 355 |
|
Patrick Daniel |
Enbridge |
$8, 055, 856 |
|
Steve Snyder[2] |
Transalta |
$3,678,226 |
|
Gary Holden |
Enmax |
$2, 700, 000 |
|
Charles Ruigrok (Holden’s replacement) |
Enmax |
$1, 200, 000 |
|
Brian Tellef Vaasjo |
Capital Power |
$2,473,240 |
|
Chris Westin |
Direct Energy |
$1,380,000 |
This is what these companies earned from one year to the next:
|
Company |
Net income by end of third quarter 2010 |
Net earnings by end of third quarter 2011 |
% Increase |
|
Enbridge |
$637, 000, 000 |
656, 000, 000 |
+3% |
|
Transalta[3] |
$50, 000, 000 |
40, 000,000 |
+20% |
|
Epcor |
$99, 000, 000 |
91, 000, 000 |
-8.7% |
|
Enmax |
$135, 000, 000 |
141, 800, 000 |
+5% |
|
Capital Power[4] |
$199, 000, 000 |
264, 000, 000 |
+24.6% |
[1] Alberta Human Services
[2] Retired December 31, 2011.
[3] Comparable earnings
[4] *Funds from operations excluding non-controlling interests in CPILP
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