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In yet another classic example of excessive executive compensation while the rest of the nation is reeling from high prices and economic slowdown, officials of power firms in New South Wales are enjoying astronomical pay hikes while residents pay through the nose because of higher electricity rates.

The Herald Sun reported that the managing director and chief executive of power firm AGL got 85 per cent pay hikes to $6.3 million from $3.4 million in 2011. The boost in compensation was justified by the 11.8 per cent rise of AGL's profit in 2011-12 at $482 million, thanks to the 18 per cent increase in power rates.

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