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

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

Chairman of the Committee on Economic Development, Planning, Communications, Public-Private Partnerships and Energy in the House of Representatives, Luis Raul TorresToday, Monday, the President and CEO of LUMA Energy, Wayne Stinsby, receives compensation annually — between salary, incentives, and fringe benefits — of $1,110,656.25

This compensation does not include recoverable expenses.

According to the document delivered to the media by the legislator, Stensby has a base salary of $403,875.00 per year. Meanwhile, according to data collected through October 29, 2021 provided by the company, LUMA Energy’s CEO received $504,843.75 in fringe benefits and $605,812.50 in incentives.

“This is a Leone contract, poorly executed, and will not benefit the people of Puerto Rico. My obligation… will be to oversee this contract in order to comply with it in detail and save Puerto Rican funds,” Torres expressed.

Director of the Electric Power Authority (PREPA), Joshua ColumbusDuring a public hearing, he indicated that his salary is $250,000 a year.

The documents provided by the representative of the People’s Democratic Party (PPD) also include other senior executives, such as the heads of human resources, capital programs, and customer services. The salaries of these officials — including salary, incentives, and fringe benefits — fluctuate between $730,800.00 (CFO) and $297,628.80 (Head of Human Resources).

These salaries, including Stensby, total $3.5 million.

In a written communication, LUMA stated that its executive team, including Stensby, “is made up of highly qualified and trained professionals with decades of specialized experience in the energy and utilities field. This expertise and knowledge is essential to repair, rebuild and modernize the electrical grid…”.

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They further argued that the compensation of LUMA’s six senior leaders “is not only comparable to that of other public energy companies serving millions of customers, but is in fact below or close to the bottom of what comparable public energy companies pay in the United States and their senior executive leaders’ compensation.”

LUMA refused to pay compensation to the six senior executives from client fees or public funds. But Torres said those payments come from the $115 million the consortium receives annually. The contract between LUMA and the government is a 15-year contract worth at least $1.5 billion.

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

Reveal more information

Torres also noted that of the 12 requests for information, only one was classified as “sensitive.” Meanwhile, 1 minute has been marked as confidential, as it contains the “private” information of many people.

To select confidential documents, the members of the body took into account the Law on Government Transparency, approved in 2019; The Public-Private Partnerships Act (Law 29-2009), as well as what is enshrined in Puerto Rico’s Constitution and the Memorandum transmitted by the Office of the Comptroller of Puerto Rico. Likewise, they have taken into account the analysis of their legal team.

The legislator also revealed that members of the board of directors Loma Energy They receive an annual compensation of $45,000. They also receive annual cash compensation for their participation in board meetings of $15,000.

He said the next data they hope to publish is the number of employees the company has in the six administrative areas under its responsibility. It was announced, however, that the consortium currently includes 497 guards. Electric Power Authority (AEE), meanwhile, had up to 1,800 guards, but at the time of the agreement with LUMA, this number was reduced to 800.

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