The utilities industry is a large sector that is an essential aspect of any healthy economy. The equities included in this industry range from gas and power companies to electric firms and providers. Essentially, it comes down to the companies that support the very infrastructure of any modern civilization. Leaders of these companies are some of the highest paid, and many of these executives have been working for decades for their respective companies. Here is the list of the highest-paid executives in 2016 in the utilities sector.
Thomas Farrell II
Thomas F. Farrell II has been the CEO of Dominion Resources, Inc. (NYSE: D) since 2007 and has worked at the company since 1995. He was the highest-paid executive in the utilities sector, having made roughly $20.6 million a year.
Dominion is headquartered in Virginia and supplies natural gas to the surrounding states. It also owns additional facilities in the Midwest.
Joseph Rigby is the chairman of the board, president and CEO of Pepco Holdings, Inc. (NYSE: POM). He made an estimated $15.4 million a year. Pepco Holdings is an energy holding company that is responsible for supplying electric and gas utility to the Mid-Atlantic region.
Rigby has been with the company since 1979, when he first joined a subsidiary called Atlantic City Electric. He went through many different management positions that including accounting and financial services. Following a merger between Atlantic City and Delmarva Power, he became vice president of Pepco.
Coming in right below Rigby is Christopher Crane, the president and CEO of Exelon Corporation (NYSE: EXC), a company based in Chicago. He made an estimated $15 million per year. Crane ranked higher a few years ago, when he brought in $17.2 million and held the top spot.
According to a statement by Exelon filed with the SEC, Crane had a base salary of around $1.2 million, supplemented by a bonus and stock awards, which comprise the majority of his income. The company is a national leading utilities company that has operations in all 48 continental states. Crane has been in the industry for more than 25 years and with the company since 1998. His most-recent position began in 2012.
James Robo is the chairman and CEO of NextEra Energy (NYSE: NEE), a top clean-energy company.
He became president and CEO in July of 2012 and chairman of the board in December of 2013. Robo made around $12.1 million a year. Before working at this company, he was CEO of a division of GE Capital.
NextEra Energy has employees in 27 states and Canada and has its offices in Juno Beach, Fla. The company runs eight nuclear power plants in Florida, New Hampshire, Iowa and Wisconsin. Nextera is well known for its commitment to sustainable energy.
Nicholas Akins is the chairman, president and CEO of American Electric Power Co., Inc. (NYSE: AEP). He is the 10th president, 6th CEO and 11th chairman in a company that has been around for 100 years. He had an annual salary of $11.3 million. Akins was originally an electrical engineer and worked his way up to management. He has been in his current position since January 2011.