As Your Monthly Bill Jumped, Oncor’s CEO Received a $17 Million Bonus

The board of Dallas-based Oncor recently authorized a $17 million payment to its CEO, Robert Shapard, and three other execs are receiving payments of more than $2.7 million apiece, the Texas Tribune reported this morning. The approval for the bonuses was filed with the Securities and Exchange Commission on Nov. 21, the day before Thanksgiving. Consumer advocates were not pleased. The company’s performance does “not in any way justify bonuses,” Tom “Smitty” Smith, Texas director for Public Citizen, told the Tribune. The bonuses come on the heels of the company’s recent $5-a-month add-on for its construction of wind-power transmission lines built across Texas, and the installation of smart meters, which will cost consumers $2.19 a month for the next 10 years.

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10 comments on “As Your Monthly Bill Jumped, Oncor’s CEO Received a $17 Million Bonus

  1. It’s important to note that none of the executive compensation bonuses came from ratepayer dollars. Nor were the transmission line investment and advanced meter upgrades used to pay thes bonuses. Instead, dividends that would normally be paid to the owners of Oncor funded these amounts. And the reason why these bonuses were paid is because under these executives’ leadership, Oncor’s rates are among the lowest of investor-owned utilities in Texas and the nation, while also having some of the highest reliability.

  2. Thanks for the clarification, Chris. For everyone else out there, Chris is an Oncor spokesman.

  3. Thanks, Oncor spokesman. Somehow I still don’t feel any better about the exec bonuses and I REALLY don’t feel better about my forced smart meter installation. Most of the Oncor worker bees are good folks, though.

  4. So maybe, if Oncor has surplus funds to pay dividends or executive bonuses, its rates are higher than they should be for a regulated utility that is guaranteed a profit.

    Perhaps it is guaranteed too high a profit. Perhaps if more of its “surpluses” (or, perhaps, “overcharges”) were used to reduce rates rather than award bonuses, it would still be guaranteed a profit, and its ratepayers would enjoy a reduction in their electric utitlity bills.

  5. i hit post too soon. what i meant to say is: And the reason why these payments were paid is because under these executives’ leadership, Oncor has experienced very good performance over the last five years. Oncor’s rates are among the lowest of investor-owned utilities in Texas and the nation, while also having some of the highest reliability. left off the first phrase.

  6. Are we supposed to be stupid enough to not realize where dividends come from? They are the profit earned by a company, and Oncor makes profit how? Oh yeah from ratepayer dollars.
    Nice try schill.

  7. From what sources does Oncor generate income other than ratepayers? Actually, it doesn’t even matter — if Oncor has an extra $20 million kicking around its coffers, it certainly can afford to lower its rates.
    Also, a spokesperson probably should know that Oncor’s rates do not “hav[e] some of the highest reliability.”

  8. So, consumers had no choice but to have smart meters installed and we continue to pay for them for the next ten years so your executives could have bonuses?

  9. Oncor, awarded MMP project to IBM. I BM is charging millions of dollors which were paid by Oncor customer’s through increased increased bills. The catch here is several IBM Managers and contactors were robbing Oncor openly, for example MMP project (Rose Johnson /Contract Manger) she is robbing Oncor blindly, she stated a company called Rosarium Consulting Group, Inc.and Rose Johnson is CEO of the company.
    Rose Johnson is hiring unqualified good for nothing consultants from her company and contracting them to IBM trrough CDI Corporation and rolling off other quailified consultants from other companies. There are over 6 consultants from Rosarium Consulting Group, Inc who are working on the project, there is a person named Danny Martin who is unfit to work at a burger joint but he is working as a Functional Tester, he don’t even know what a test case is.(he is related to Rose Johnson) .Rose Johnson is abusing her authority as a project manager and with IBM , CDI and Oncor executives who are aware and getting a cut from the amount she is robbing through MMP Project where she is youngaging unqualified consultants from Rosarium Consulting Group, Inc and robbing Oncor’s 3.2 millions customers’s hard earned money.