Blame these guys:

Nova Scotia Power paid its top two executives 41 per cent more than the industry average in 2007, according to a consultants report released Monday...

Much of the report was blacked out for confidentiality reasons by the government regulator, including the 11 executives’ names and salaries, except NSP president Ralph Tedesco’s name.

In NSP’s most recent management circular — required by securities regulators to reveal the five highest-paid company executives — Mr. Tedesco’s compensation package was listed as $770,000 in 2007, down from $1.1 million a year earlier.

The independent experts found the two highest-paid executives earned more than the utility industry average, and the two lowest-paid executives make 24 and 37 per cent less than other executives in the industry, according to the authors of the report.

While the top two executives are well above the median pay, three more executives are close to the median, and the remaining six executives are well below the median, according to the report.

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