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Duke Energy utility CEO got big boosts to severance, pay

 
A report released by Duke Energy Thursday ahead of May's annual shareholders meeting shows company directors increased CEO Lynn Good's potential severance package to more than $41 million last year, up almost 50 percent from 2016. Pictured is good in 2013. | [T. Ortega Gaines | Charlotte Observer, 2013]
A report released by Duke Energy Thursday ahead of May's annual shareholders meeting shows company directors increased CEO Lynn Good's potential severance package to more than $41 million last year, up almost 50 percent from 2016. Pictured is good in 2013. | [T. Ortega Gaines | Charlotte Observer, 2013]
Published March 22, 2018

Times wires and staff

RALEIGH, N.C. — Duke Energy Corp.'s board is striving to keep CEO Lynn Good on the job, promising a bigger severance package if she's forced out the door in addition to raising her pay by 55 percent.

A report released Thursday ahead of May's annual shareholders meeting shows company directors increased Good's potential severance package to more than $41 million last year, a nearly 50 percent increase over 2016. Shareholders will signal their views on executive pay by voting on a non-binding resolution.

Good's total compensation nearly doubled over the past two years to top $21 million last year. The Charlotte-based electric utility's proxy statement says that includes a one-time retention bonus of $7 million.

The country's No. 2 electricity company has 7.5 million customers in the Carolinas, Florida, Ohio, Indiana and Kentucky. It has 1.8 million customers in Florida, including 684,000 in Pinellas, Pasco and Hillsborough Counties.

Its rates are among the highest of any utilities in Florida. In January, Duke filed with regulators to use a new tax break to wipe out hurricane-related costs from customers bills, potentially saving customers about $5.20 per month. But customers may see an uptick in their bills because of a recent solar tariff, which is likely to affect Duke's commitment to build 700 megawatts of solar power over the next three years.

Previous coverage: Duke Energy customers: Save on Irma costs, shell out for solar>

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