Dagbladet: Statkraft’s boss gets a higher bonus for expensive electricity

Christian Rynning-Tønnesen - StatkraftPhoto: Gorm Kallestad / NTB
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The higher the price Statkraft gets for the electricity – compared to the market price – the higher the bonus the head of Statkraft gets, the newspaper Dagbladet writes.

When Statkraft CEO Christian Rynning-Tønnesen’s bonus is to be calculated, one of the criteria is “added value from the Norwegian hydropower portfolio.”

According to the newspaper, this is calculated by measuring how much higher the price Statkraft achieves compared to the market’s price level. The more expensive Statkraft sells the power – compared to the market price – the better it is for Rynning-Tønnesen’s bonus.

Norwegian parliament (Storting) representative Sofie Marhaug (Red Party) reacted strongly to the information.

“Giving a bonus for having sold power to customers at a high price is an insult to the community. No one should be rewarded for selling power at a high price,” Marhaug told Dagbladet. She believes the government should use its power and stop the practice.

For 2021, Rynning-Tønnesen received a bonus of NOK 802,000, which was paid out this year. Other salary, including benefits in kind, amounted to just over NOK 6 million. For 2020, his bonus was NOK 1,158,000.

Statkraft’s chairman Thorhild Widvey told Dagbladet that the bonus criterion of price margin does not contribute to draining the magazines when prices are at their peak. 

According to Widvey, it is a principle at Statkraft that no one should receive a bonus because of a higher power price and that the targets linked to the bonus schemes should be based on conditions the employee can influence.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews

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