• The San Juan Daily Star

Lawmaker reveals LUMA Energy executive salary info

LUMA Energy President & CEO Wayne Stensby

By The Star Staff

Popular Democratic Party Rep. Luis Raúl Torres Cruz, who chairs the Economic Development, Planning, Telecommunications, Public-Private Alliances and Energy Committee in the island House of Representatives, revealed on Monday details on the salaries of the main executives of LUMA Energy after the delivery of requested documents, showing that the company’s president & CEO Wayne Stensby is compensated at around $1.1 million a year, including benefits and incentives.

Regarding the salaries of Stensby and the five senior executives of LUMA Energy, Torres Cruz said the CEO earns about $403,875 as a base salary, receives marginal benefits that are $100,968 more, receives “an annual incentive that, blessed, it is so little that it hurts, $605,812 as a bonus incentive, for a grand total of $1,110,155.25.”

“And that’s how it is with everyone else there,” he added.

Torres Cruz said at a press conference that among the documents that “were determined to be public, to tell you that most of LUMA’s executive officers live in the most expensive developments in the Guaynabo area and in the most expensive developments in the San Juan area.”

“We are not going to say the addresses or the urbanizations,” the lawmaker said.

“Today we are going to deliver to the public what they hope will be said: How much does Canadian cowboy Wayne Stensby earn? Well, that’s here, how much the top five executives of LUMA Energy earn,” Torres Cruz added.

The legislator referred to LUMA’s contract to operate the Puerto Rico Electric Power Authority’s (PREPA) transmission and distribution system as the “public-private alliance that is not such an alliance at all” because, he said, LUMA Energy is not yet under the clauses of the 15-year contract since the one that exists is for $115 million for 18 months until the presiding judge in PREPA’s bankruptcy case, U.S.

District Judge Laura Taylor Swain, decides on the utility’s bonds.Earlier on Monday, Superior Court Judge Anthony Cuevas annulled an arrest order issued against Stensby after it was certified that the firm turned over to the House certain required documents.

“The documents provided by the defendant last Wednesday, November 10, 2021, comply with Requirement number 12 and with the Order issued by this Honorable Court for that purpose,” the motion read. “In this sense, regarding the request made by the plaintiff under Article 34-A of the Puerto Rico Political Code, nothing is pending.”

The parties asked the court to annul the arrest warrant issued in the name of Stensby and to close the case.

Cuevas Ramos had suspended the arrest warrant for Stensby until the parties clarified the issue of delivery of the documents.

The judge had issued the arrest warrant last week after LUMA Energy turned over some documents to the House but left pending two other requests.

The House had been seeking specific information from LUMA Energy such as the number of experienced workers the company employs to fix damaged power lines, as well as compensation packages and titles of employees who earn more than $200,000 a year, among other data — hoping it could lead to answers that may point to why the power crisis in Puerto Rico is worsening.

336 views0 comments