LNP tells power execs – no bonus until prices fall

Sunday, 3 September 2017

 

  • Liberal National Party to freeze executive bonuses until power prices fall

  • New KPIs will reward executives who lower power prices

  • Some government energy bosses earning more than $900,000 per year and getting bonuses of more than $100,000

     

A Tim Nicholls-led LNP Government will freeze executive bonuses at Queensland government energy businesses until electricity prices decrease to give families a fair go. 

 

LNP Leader Tim Nicholls said under the Palaszczuk Labor Government wholesale power prices in Queensland had increased by 70 per cent and household electricity prices had hit record highs.

 

“Today I’m announcing that an LNP Government I lead will restructure the pay of power company executives,” Mr Nicholls said.

 

“The message is blunt: your bonus will be frozen.

 

“That means these executives will not receive their bonus until power prices fall.

 

“Our policy will apply to around 30 top executives at Powerlink, CS Energy, Stanwell, Energy Queensland, Energex and Ergon who will be set performance targets aimed at reducing the cost of electricity.

 

“The LNP understands families can’t continue to face the pain of skyrocketing electricity prices. Enough is enough. It’s time Queenslanders are given a fair go.

 

“Under the LNP, power company executives will have to earn their money – and that means freezing their bonus payments for as long as everyday Queenslanders continue to suffer from soaring power bills.”

 

Mr Nicholls said Annastacia Palaszczuk continued to use electricity as a secret tax on Queenslanders.

 

“Labor’s ripped out 100 per cent dividends from the government’s energy businesses as well as loaded them with $5 billion of debt – and allowed government-owned generator Stanwell Corporation to price gouge and drive up electricity prices,” he said.

 

“Meanwhile, the bonuses and remuneration of executives at the government-owned energy businesses have kept on climbing with the total remuneration of some executives doubling in the past 10 years.

 

“Under Annastacia Palaszczuk’s watch, some government energy company executives now earn over $900,000 a year and receive bonuses of more than $100,000.”

 

LNP Shadow Energy Minister Michael Hart said the LNP had successfully used a similar policy when in government.

 

“In 2012, the LNP froze executive bonuses at Queensland Rail until train service reliability improved,” Mr Hart said.

 

“This saw Queensland Rail go from the worst to the best on-time running in Australia – a record now sadly destroyed by Annastacia Palaszczuk and Labor.”

 

The LNP is the only party in Queensland that has a real plan to fight soaring electricity prices.”

 

The LNP will put downward pressure on electricity prices by:

 

  • Reducing wasteful expenditure on the network – last time in government the LNP successfully removed $7 billion of wasteful expenditure

  • Opposing a carbon tax

  • Scrapping the Palaszczuk Labor Government’s 50 per cent renewable energy policy that will drive up prices

  • Supporting a new coal-fired power station in North Queensland built by the private sector – to boost supply, reliability and increase competition

  • Opposing Labor’s vegetation management laws that the networks have said will increase costs

  • Stopping the price gouging – it was the LNP that referred the energy generators to the competition watchdog, the Australian Competition and Consumer Commission (ACCC), after wholesale electricity prices hit record highs.

 

“Labor’s only legacy after almost three years in office is to deliberately slug Queenslanders to pay for their financial incompetence,” Mr Hart said.

 

“Both the Australian Competition and Consumer Commission (ACCC) and the Australian Energy Regulator are investigating allegations that government-owned electricity generators have been price gouging under the Palaszczuk Government.

 

“Only the LNP will ease cost of living pressures for Queenslanders so that we can create jobs, build stronger families and provide safe and liveable communities.”

 

Media contact: Adam Davies 0417 010 702

 

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