PSE&G execs on LI rake in fat bonuses — as firm fails half the year’s goals and is under state probe

Long Island’s embattled energy provider is under state investigation over alleged outside influence in key grid-management decisions — but that hasn’t stopped its top bosses from cashing in.

PSE&G Long Island’s interim president, Dave Lyons, raked in more than $837,000 in total compensation last year, including a $125,000 bonus, even as the utility faced scrutiny over its handling of the area’s electric grid, fell short on key performance targets and is being investigated, newly released filings show.

But the power provider defended shelling out bonuses to Lyons and other execs, claiming the extra dough was earned and that performance goals were met — despite failing to meet the company’s key targets for half the year.

“The variable compensation portion of PSEG’s pay is based on the achievement of stretch goals and annual metric target levels,” the company said in a statement about the extra income, adding that Lyons’ base salary “is targeted to be competitive with other large energy service providers and utility employers.”

The eyebrow-raising pay package, which equated to a more than 7% raise from the previous year, included nearly $280,000 in “other pay” — a catchall category that covers everything from housing stipends, vehicle perks and relocation costs to contributions to a special utility “thrift plan,” according to filings with the state Department of Public Service.

Lyons wasn’t the only one cashing in.

Several other PSE&G Long Island executives also saw big pay bumps and five- to six-figure bonuses — all while the company reported it fully met just 31 of the 61 metrics tied to its annual performance bonuses and only partially met 18 others, while outright failing 10.

Among the missed goals were benchmarks for customer satisfaction, storm preparedness, serious injury rates and vegetation management, which is key to preventing outages caused by falling trees or branches.

The state Inspector General also has opened a probe into PSE&G and the Long Island Power Authority, which owns the grid and pays the company nearly $80 million a year to operate it, according to Newsday.

Sources close to the probe said investigators are examining whether lobbyists or political operatives exerted their influence over internal decisions — including who should control the grid going forward.

The investigation has reportedly been active for more than a month and follows a period of upheaval at LIPA, where top officials have either resigned or been replaced and board appointments made by Gov. Kathy Hochul have created rifts.

Among those who stepped down was longtime trustee Drew Biondo, who warned in his resignation letter of “undue influence” by PSE&G lobbyists over board decisions.

PSEG denied the claims of lobbying and corruption.

LIPA did not respond to a request for comment.