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[Lightningrod]

Florida utility companies regulated by the state can keep secret what they pay top executives and employees, an appeal court ruled Wednesday.

A three-judge panel of the 1st District Court of Appeal reversed orders by the Public Service Commission to make that information, including stock awards and other incentives, public in rate cases filed by Florida's two largest power companies.

The judges called the commission's decision "clearly erroneous" and ordered the panel to keep those records confidential because disclosure would harm the utilities' competitive interests.

"According to the companies affidavits and testimony, such information is kept strictly confidential to prevent other utility companies from stealing their employees," wrote Judge Bradford Thomas for the court. "The utility companies were also concerned about morale and infighting among employees who have the same positions but varying wages."


http://www.businessweek.com/ap/financialnews/D9E7AFTO3.htm