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Unitil chief's compensation was $1.38M in 2010

Boston Business Journal - by Tim McLaughlin
Monday, February 28, 2011

Unitil Corp. (NYSE: UTL) Chairman and CEO Robert Schoenberger, whose company serves customers in Massachusetts, received $1.38 million in total compensation during 2010 as the utility company's earnings declined slightly.

The total compensation for Schoenberger, 60, represents a 5 percent increase compared with 2009, according to Unitil's latest proxy filing with the SEC. His salary of $456,601 was unchanged, but his stock-based awards increased to $156,954 from $89,520 in 2009. Also, the value of his pension increased slightly to $514,654, according to the proxy.

In 2010, Hampton, New Hampshire-based Unitil reported earnings of $9.5 million, compared with $9.9 million in 2009.

The utility captured headlines in 2008 when a December ice storm caused prolonged power outages among its customers. Unitil's response to the storm drew plenty of criticism and a lawsuit that's seeking class-action treatment.

The company's Massachusetts operating utility is Fitchburg Gas and Electric Company. In January, that unit filed for a distribution rate increase of $7.1 million for its electric division and a $4.4 million increase for its gas division. The company's filing also includes a rate-impact mitigation alternative for the electric division that would offset the distribution revenue increase through a corresponding decrease in Fitchburg's transition charge.