America's biggest electric and gas bosses saw their paychecks surge last year, even as millions of customers struggled to keep the lights on. A review of financial filings by watchdog group Energy and Policy Institute found CEOs at 51 major utilities took home an average of $12.3 million in 2024, a 16% jump year-over-year. Per the report, 27 utility CEOs received an increase in compensation of more than $1 million in 2025; 13 received no pay increase. Of the 38 who did, the increases added up to $82 million.
Since 2017, average CEO compensation at the utilities studied is up 47%, outpacing the 31% rise in inflation. The heftiest increases were for leaders at American Electric Power, ConEd, Southern Company, and Ameren; some bumps came in cases where executives missed reliability targets or sought large rate hikes, reports the Guardian. From the report:
- "For most utilities, if customer satisfaction is incentivized at all, it comprises only a small portion of the executives' potential bonus pay. Generally speaking, executive compensation packages are specifically designed to align with shareholders' interests, including increased earnings and profits—objectives that can, and often do, conflict with customers' interests."
Reps for the utility companies contacted by the
Guardian pushed back, with a ConEd rep saying, "Executive compensation is designed to attract and retain the leadership required to operate one of the most complex energy systems in the world, drive Con Edison's nation-leading reliability and deliver on New York's clean energy goals. The majority of executive compensation is performance based and paid by shareholders."
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