PSEG Long Island is eligible for $9.4 million in bonus compensation, according to a report by the Long Island Power Authority. The New York State Department of Public Service has until the end of the month to review the report, and decide whether to recommend the payout.
The report said PSEG Long Island achieved or exceeded 24 out of 26 of their service goals for the year. Some of those target metrics included budgeting, system reliability and smart meter rollout.
But the utility company fell short on the J.D. Power Customer Service survey of residential ratepayers, with a satisfaction score of 677 out of 1,000. Their business customer score was 737. Those numbers cost them close to $800,000 in additional bonus money.
A new contract between LIPA and PSEG Long Island puts about half of the company’s annual compensation at risk if it fails to meet around 100 metrics. That contract is in effect until the end of 2025.
"Our newly reformed contract requires PSEG Long Island to meet more rigorous performance standards in 2022," a LIPA spokesperson said. "These new measures will provide enhanced and tangible benefits for our customers on Long Island and in the Rockaways.”
