Origin Energy's Grant King gets $200,000 zap in pay


    Kelmeny Fraser
    The Sunday Mail (Qld)
    July 15, 2012   


ENERGY fat cats are pocketing million-dollar bonuses and six-figure pay rises as householders struggle to meet soaring electricity prices.   

Boss of the state's biggest electricity retailer, Origin Energy's Grant King, was set to receive a $200,000 boost to his base salary last year, on top of a more than $1.6 million rise in his overall remuneration package in 2010.   

Mr King's pay rise lifted his base salary 9 per cent to $2.5 million last financial year. His salary package, including bonus payments, for 2010-11 totalled $4.51 million. But the managing director's deal including share options is valued at $7.66 million.

Queenslanders on market contracts last month learned of plans by Origin to increase electricity prices by more than $400 a year. Agencies say the price hike will be a blow for low-income earners in Queensland - far from Origin's headquarters in Sydney - already struggling to pay the bills.   

"We would say that there is an onus on people who are earning top executive salaries to then in turn be philanthropic and set the lead to help organisations like Salvos to meet the gap of disadvantage that everyday Australians are experiencing," Salvation Army spokesman Major Neil Dickson said.

The price hikes were under discussion at a meeting in Brisbane on Tuesday between Mr King and Premier Campbell Newman. "I told him (Mr King) directly that my family were saving money by going to another provider and that the government would continue to encourage Queenslanders to shop around for the best deal on electricity prices," he said.

The boss of the state's second largest electricity retailer, AGL chief Michael Fraser, received a total salary package of $3.4 million in the 2010-2011 financial year. AGL market customers will pay 15 per cent more for their power this year.   



Read more: http://www.news.com.au/business/origin-energys-grant-king-gets-200000-zap-in-pay/story-e6frfm1i-1226426141944#ixzz20dIs1UzQ

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Hi Crook,
Life is full of injustice isn't it?

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they are getting millions to work out better ways to rip us off