Governor Kathy Hochul has initiated a comprehensive audit of executive compensation at New York's utility companies following Con Edison's request for substantial rate hikes of 11.4% for electricity and 13.3% for gas. Amid public backlash and concerns over rising costs, Hochul asserted the need for accountability, stating the audit will examine if utility pay structures serve the public interest. Executives at Con Edison, including CEO Timothy Cawley with a $9.59 million pay package, are under scrutiny as they benefit from customer-funded compensation.
Con Edison proposed double-digit rate increases for its customers, prompting Governor Hochul to order a thorough audit of executive compensation at New York's utility firms.
Hochul emphasized accountability, stating, 'This audit will ensure that utility compensation structures are working for New Yorkers.'
The proposed rate hikes could cost consumers an additional $1,848 annually compared to five years ago, igniting public outrage.
Con Ed executives are highly compensated, with CEO Timothy Cawley receiving $9.59 million, of which $1.3 million is born by customers.
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