Consolidated Edison Chairman, President and Chief Executive Kevin Burke Received Compensation in 2006 Valued at $4.5 Million

    Consolidated Edison Inc. Chairman, President and Chief Executive Kevin Burke received compensation in 2006 the utility operator valued at $4.5 million. Burke received $1 million in salary, $755,000 in non-equity incentive plan compensation and $60,024 in other compensation, including personal use of a company-provided vehicle, a driver and company contributions to the savings plan. Consolidated Edison also awarded Burke stock options it valued at $2.6 million on the day it granted them in 2006. The calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits. Consolidated Edison said it based part of executives' compensation on performance in such areas as corporate profit, safety, employee development and customer satisfaction. The company's full-year profit rose to $737 million, or $2.95 per share, in 2006 from $719 million, or $2.94 per share, in 2005. But the company also faced withering criticism last summer, after 174,000 people in Queens lost service or experienced low voltage during a heat wave, according to a NY state regulatory agency report. Consolidated Edison shares slipped 46 cents to close at $51.80 on the New York Stock Exchange.