Documents show that the head of LUMA Energy receives $ 1.1 million in compensation annually

Chairman of the Energy Commission on Economic Development, Planning, Telecommunications, Public-Private Partnerships and the House of Representatives, Louis Raul Torres, Said the Chairman and CEO of LUMA Energy on Monday. Wayne Stainsby, Receives annual compensation between salary, incentive and margin benefits – $ 1,110,656.25

There are no refundable costs on this compensation.

Stensby has a base salary of $ 403,875.00 per year, according to a document released by the legislature to the media. Meanwhile, LUMA Energy CEO received $ 504,843.75 margin benefits and $ 605,812.50 incentive, according to data provided by the company as of October 29, 2021.

“This is a Lyon agreement, badly done, it will not benefit the people of Puerto Rico. My commitment … is to oversee the compliance with the terms of this agreement and save Puerto Rico’s money.” Torres revealed.

Director of the Electricity Authority (PREPA) Joshua Columbus, His salary was pointed out during a public hearing to be $ 250,000 per year.

Documents provided by a representative of the Popular Democratic Party (PPD) include other top executives, such as heads of human resources, capital projects and customer service areas. The salaries of these officers – including salaries, incentives and marginal benefits – fluctuate between $ 730,800.00 (Chief Financial Officer) and $ 297,628.80 (HR Head).

The sum of all these salaries, including Stensby’s, is $ 3.5 million.

In one of the written communications, LUMA’s Board of Directors, including Stensby, stated, “We have highly qualified and trained professionals with decades of specialized energy and utility experience. This experience and knowledge is needed to repair, reconfigure and modernize the power grid …”.

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They further argued that the compensation of LUMA’s six senior leaders was “not only comparable to other public energy companies serving millions of customers, but actually lower or lower than the amount paid by US-based public energy companies.” Compensate their senior management leaders.

LUMA has rejected compensation for six top executives from customer fees or public funds. However, Torres said the payments come from the $ 115 million the federation receives annually. The deal between LUMA and the government is a 15-year deal worth at least $ 1.5 billion.

“Of course it’s LUMA (the one who pays them). But where does that $ 115 million come from? From the Electricity Authority (PREPA) money, ”Torres said.

Disclose more information

Torres noted that only one of the 12 information requests qualified as “sensitive”. In the meantime, a minute has been marked as secret because it contains the “privacy” information of many individuals.

To determine which documents are confidential, members of the Commission considered the Government Transparency Act, which was approved in 2019; Public Private Partnership Act (Act 29-2009), as well as those established in the Constitution of Puerto Rico and a memorandum recommended to them by the Office of the Regulator of Puerto Rico. Similarly, they considered the analysis of their legal committee.

The legislator also said that Vin was a member of the board of directors LUMA Energy They receive $ 45,000 in annual compensation. They also receive $ 15,000 in annual cash compensation for attending board meetings.

He said the company expects to make public the number of workers in the six areas of management under its charge. However, he announced that there are currently 497 guards in the federation. Electricity Authority (AEE), Meanwhile, had 1,800 guards, but that number was reduced to 800 during the contract with LUMA.

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Esmond Harmon

"Entrepreneur. Social media advocate. Amateur travel guru. Freelance introvert. Thinker."

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