By Mathew Carr
Nov. 4 (Bloomberg) -- Energy utilities are hiring redundant bankers and closing a remuneration gap with their former employers as demand rises faster than in other industries, according to U.K. recruiter Global Resource Solutions Group Ltd.
Some energy company salaries rose 12 percent in the past year, the Brighton, England-based firm said today in an e-mailed statement. Some recruits, including risk managers, can now attract average salaries of about 90,000 pounds ($143,000), with senior positions commanding 380,000 pounds, GRS said.
Crude oil prices in New York jumped 29 percent in the first seven months of this year, before plunging 56 percent on concern a recession will curb demand. The natural-gas, power and European Union emission permit markets had similarly marked price swings, prompting utilities to boost the search for skilled trading staff.
``Trading firms are having to develop more advanced and robust risk systems to keep up with increased volume and volatility,'' Ken Brotherston, chief executive officer of GRS, said in the statement. ``As such, energy companies need the best talent there is and salaries are reflecting this.''
A year ago, banking recruits were being paid about 18 percent more than in energy, Brotherston said. That gap has narrowed to about 7 percent, he said. ``One particularly aggressive firm recently offered a team of energy traders almost five times the going rate to secure the best candidates.''
Bonuses are expected to average 21 percent this year, ``which compares favorably with average bank bonuses for risk professionals,'' according to the statement.
To contact the reporter on this story: Mathew Carr in London at m.carr@bloomberg.net
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