EIGHT directors of the Scottish power-generating companies hold

executive share options worth more than #3.7m, according to figures

produced by Labour. In all, the party said, #100m in benefits had been

handed out to executives of privatised utilities in Britain.

The latest figures show that the 12 privatised regional electricity

companies in England and Wales had handed out share options worth more

than #50m to 65 directors -- more than #750,000 per director.

Labour claimed that a further #16m in share options handed out to the

directors of the new private water companies south of the Border had

pushed privatisation benefits for executives in all privatised utilities

to more than #100m.

In Scotland, the windfall has largely been for four directors of

ScottishPower, who hold options worth #3,340,956 -- nearly #840,000 each

-- at yesterday's share price. They could be worth more depending on

when the options are exercised.

At Scottish Hydro-Electric, four directors share a far more modest

#378,294 in options. The total for 145 directors of privatised utilities

UK-wide is #101,022,348.

Last night, Shadow Chancellor Gordon Brown said Labour would table

amendments to the Finance Bill currently being considered by the Commons

to curb privatisation excesses.

''Privatised industry remuneration packages are a new form of daylight

robbery,'' he said, ''a raid on millions of consumers paying more

because of them.''

Share option packages are a popular way of remuneration for top

executives. They allow directors to buy a number of the company's shares

at a low fixed price and resell them at a later date at their higher

market value.

The figures, based on annual reports and yesterday's share price for

each utility, are part of Labour's campaign to highlight what the party

considers executive pay excesses.

Of the regional electricity companies, the highest share option total

on offer is Seeboard's #7.8m for six directors. Among the water

companies North-west Water is offering #4.9m to five directors.

Among the country's five power generating companies, the packages

offered by ScottishPower and Hydro-Electric are dwarfed by those from

National Power (#7.2m) and Powergen (#15.2m).

Mr Brown added: ''We are now able to show how huge sums, unjustified

by effort, possible only because of monopoly, are being paid out. I

challenge Tory MPs to support our new proposals to curb boardroom

excesses when they are debated in the House of Commons.