Less than two weeks after Britain’s biggest blackout in a decade National Grid has revealed that it handed its chief executive a £1m pay rise over the last financial year to reward his “strong performance.”.
The company’s annual report, published on Monday, shows that John Pettigrew was paid £4.56m for the last financial year, up from £3.65m the year before, for delivering value to shareholders.
The pay-day windfall was revealed as National Grid prepares to publish an interim report on the 9 August blackout which left almost a million homes without electricity, and hundreds of thousands of people stranded in rush-hour travel disruption. The report is due to be released at 7am on Tuesday.
National Grid faces serious questions from the regulator and the government, but has topped up Pettigrew’s £944,000 salary with a bonus of the same size.
Pettigrew, 50, has also received a long-term bonus of almost £2.25m, which is almost £1m more than the £1.5m he was given last year. He also received £283,000 towards a pension and benefits in kind valued at £94,000.
National Grid’s remuneration committee said Pettigrew has “continued to deliver strong performance in his third year in the role” and delivered value to investors and shareholders.
More to follow …