Ercot Resignations News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Bill Magness, the Electric Reliability Council of Texas CEO who was terminated by his board Wednesday, said he will not accept more than $800,000 in severance pay, according to an ERCOT spokesperson. The board for the nonprofit entity that operates and manages the electricity grid that covers much of Texas voted Wednesday in favor of his 60-day termination notice. Magness was terminated without cause, a spokesperson said. According to the terms of his employment contract, his severance pay would have been equivalent to one year of his current base salary, which is more than $800,000. Both ER...

You'd think the folks responsible for overseeing Texas' independent power grid would at least live here in the Lone Star State. It turns out that's not always the case, but perhaps that will change after five out-of-state Electric Reliability Council of Texas (ERCOT) board members resign today. In a document released by ERCOT Tuesday, the electrical grid operator announced the resignation of four "Unaffiliated Directors" in the wake of the spectacular failure of the system during last week's winter storm: Sally Talberg (Board Chairman), Peter Cramton (Board Vice Chairman), Terry Bulger (Fina...

The Texas Legislature is holding hearings Thursday to investigate last week's failure of the state's power grid and its manager, the Electric Reliability Council of Texas (ERCOT).