You’ve already heard about Big Six energy bosses slurping up enormous pay packets…
But there’s some new fat cats in town – National Grid bosses are trousering enormous sums every year!
We all know about British Gas boss Iain Conn’s monumental £4.15 million annual salary.
Well, National Grid boss John Pettigrew trounces that sum. He’s reeling in no less than £4.6 million a year – despite the fact he’s only just joined!
It gets worse. We can only assume his salary is set to go up even more if you take a look at the last CEO’s pay package. Steve Holliday used to take home a whopping £5.2 million a year.
And it doesn’t stop there… even though Steve quit as CEO in March 2016, sitting on the board until July, he still went home with £3.3 million this year in extra salary, pension and bonuses!  He quit and he still gets paid for leaving – madness!
That should fund a fair few ‘Hollidays’ for Steve.
You’d think that would be the end of it. However according to the Grid’s most recent annual report he’s set to take in an extra £2.5 million in extra ‘performance bonuses’ over the next few years….
If you haven’t already got your head in your hands in dismay, the National Grid board members aren’t doing too badly either.
Take Andrew Bonfield, the finance director, who’s earning nearly £6 million a year or Dean Seavers, an executive director who’s on £3 million. We’re talking obscene amounts of money, bringing the board salaries to a gut-wrenching total of £19,512,000 last year.
You can check out their jaw dropping salaries in all their glory here:
|Sir Peter Gershon||Chairman||£567,000||£509,000|
|John Pettigrew||Chief Executive||£4,636,000||£1,588,000|
|Nicola Shaw||Executive Director, UK||£1,254,000||–|
|Andrew Bonfield||Finance Director||£5,891,000||£3,266,000|
|Dean Seavers||Executive Director, US||£3,165,000||£1,684,000|
|Nora Mead Brownell||Non-Executive Director||£96,000||£94,000|
|Jonathan Dawson||Non-Executive Director||£102,000||£99,000|
|Pierre Dufour||Non-Executive Director||£11,000||–|
|Therese Esperdy||Non-Executive Director||£133,000||£128,000|
|Paul Golby||Non-Executive Director||£105,000||£103,000|
|Ruth Kelly||Non-Executive Director||£84,000||£82,000|
|Mark Williamson||Non-Executive Director & Senior Independent Director||£124,000||£121,000|
|Steve Holliday (No longer on the board)||Former Chief Executive||£3,344,000||£5,211,000|
But why are we kicking up a fuss about these salaries? Surely it’s up to the National Grid what their executives are paid?
The reason why we feel that these enormous pay packets are so unjust is the fact that it is customers like you who constantly have to bear the brunt of energy costs.
Let me explain. What many of us are often unaware of is the fact that a quarter of our energy bill, roughly £290 (not-insubstantial by any stretch of the imagination!) goes towards the cost of getting electricity and gas from a generator to their home. These are called network costs, part of which goes to the National Grid.
This means that a proportion of that £290 is being funnelled straight into their pay packets.
Customers have no choice but to use the National Grid; this isn’t like switching energy suppliers where you have a choice in who you give your money to. No matter who you’re with, in order to pay your bills, you have to pay the National Grid!
Times are hard and many families are up against it. The average gas and electricity bill for households in the UK has reached an eye watering £1132 a year . 8 million people are estimated to be on a standard variable tariff, notoriously the worst value tariff.
The energy industry is constantly pitted against ordinary families. The fact that executives can be paid such excessive amounts of money is disgraceful.
Anger is already vented at the big energy companies but now it’s time the National Grid came under fire.
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 Average of the Big Six’s standard variable tariffs according to Ofgem’s medium usage