Executive pay vs.

shareholder return
Hearst analyzed executive compensation for these investor-owned electricity companies operating in Texas:

American Electric Power 1 Headquarters: Columbus, Ohio 1 Business: Electricity retailer, locally through AEP Texas 1 Customers: 1 million in Texas

Centerpoint Energy 1 Headquarters: Houston 1 Business: Electricity distribution (wire) company in Houston area 1 Customers: 2.2 million

Centrica 1 Headquarters: United Kingdom 1 Business: International electricity retailer; operates as Direct Energy in North America 1 Customers: 5.5 million in U.S. and Canada

El Paso Electric 1 Headquarters: El Paso 1 Business: Electricity distribution and transmission in west Texas and Southern New Mexico 1 Customers: 380,000

Energy Future Holdings 1 Headquarters: Dallas 1 Business: Energy holding company, including Oncor and TXU Energy

Entergy 1 Headquarters: New Orleans 1 Business: Entergy Texas is an electricity distribution company in 27 southeast Texas counties 1 Customers: 411,000 in Texas

NRG Energy 1 Headquarters: Princeton, N.J. 1 Business: One of the largest power generation and retail electricity businesses in U.S.; owns Reliant Energy in Houston 1 Customers: More than 2 million in 16 states, including Texas

Oncor 1 Headquarters: Dallas 1 Business: Electricity distribution (wire) company covering 90 counties and 400 cities from Tyler to Odessa 1 Customers: 10 million

PNM Resources 1 Headquarters: Albuquerque 1 Business: Electricity utility 1 Customers: 230,000 in Texas

Xcel Energy 1 Headquarters: Minneapolis 1 Business: Electricity holding company, includes Southwestern Public Service Co. in Texas and New Mexico 1 Customers: 3.4 million nationwide, 262,000 in Texas

Total direct compensation for top executive, 2000-2011 *

$20 million 15 10 5 0 00 $8 million 6 4 2 0 00 $2.0 million 1.5 1.0 0.5 0 00 $5 million 4 3 2 1 05 10 0 00 05 10 $60 million 50 40 30 20 10 0 00 05 10 $30 million 25 20 15 10 5 0 00 05 10 $10 million 8 6 4 2 0 00 05 10 $2.5 million 2.0 1.5 1.0 0.5 0 00 05 10 $4 million 3 2 1 0 00 $12 million 10 8 6 4 2 05 10 0 00 05 10

05

10

05

10

Annual shareholder return, 2001-2011 *

25 % 15 5 -5 -15 -25 -35 01 06 11 40 % 20 0 -20 -40 -60 01 06 11 25 % 20 15 10 5 0 -5 -10 -15 01 50 % 40 30 20 10 0 -10 -20 -30 01 40 % 30 20 10 0 -10 -20 -30 01 80 % 60 40 20 0 -20 -40 06 11 01 06 11 Public debt holder/ no stock traded 50 % 30 10 -10 -30 -50 01 06 11 80 % 60 40 20 0 -20 -40 -60 01

Public debt holder/ no stock traded

06

11

06

11

06

11

Source: Longnecker & Associates, study done for Hearst Newspapers

* Not all years available for every company

Jay Carr / Houston Chronicle