National Grid boss plugs into a £6.5million payday as families struggle to cope with soaring energy bills
National Grid gave its chief executive a pay rise of more than £1 million last year as families were hit with soaring energy bills.
John Pettigrew, 53, took home £6.5 million in the year to April, including £5.1 million in bonuses. He has been paid more than £30 million since taking the helm of the company – which transmits and distributes electricity and gas – in 2016.
Mr Pettigrew also owns a million shares in the business, meaning he will receive dividend payouts for the year worth £536,268 – on top of the £6.5 million.
His pay packet was up from the £5.4 million he pocketed a year earlier – and he could be in line for a £6.6 million payday next year if certain targets are met.
National Grid CEO John Pettigrew, 53, took home £6.5 million in the year to April, including £5.1 million in bonuses. He also owns a million shares in the business
The figures, revealed in National Grid’s annual report, come as families are struggling with energy bills that have jumped by 54 per cent (an average of £693) this year. They are set to jump a further £800, to an average of £2,800 a year, when energy regulator Ofgem raises the price cap in October.
The High Pay Centre think-tank said Mr Pettigrew was essentially a bureaucrat overseeing the UK’s energy network, which was painstakingly built by others over decades.
Director Luke Hildyard said: ‘That could be achieved with a payment in the low hundreds of thousands rather than millions.
‘This is a management role essentially carrying out a public service.’
National Grid said its executive pay reflected a ‘strong annual performance’.