Just weeks after Toronto Hydro announced it would have to implement layoffs due to a cash crunch, a published report has highlighted executive bonuses over the past five years that total nearly $3 million.
The top five executives at the utility earned a combined $2.9 million in incentive bonuses in the past five years, the Toronto Star reported Friday, despite the fact Toronto Hydro failed to meet reliability standards set out by the Ontario Energy Board (OEB).
Earlier this month, the utility went to the OEB asking for a $5 monthly rate increase to pay for upgrades to aging infrastructure. The OEB denied the request and Toronto Hydro announced it would have to lay off hundreds of contract workers and some of its own staff in order to fund system improvements.
The utility has warned that without the funds from the proposed rate hike, customers could experience longer and more frequent blackouts.
Bonuses, which have to be earned, make up a large portion of Toronto Hydro executives’ pay, according to the Star’s report, and executives’ salaries are on the lower end when compared to similar companies, including Ontario Power Generation and Hydro One.