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Former ERCOT CEO Bill Magness refuses more than $800,000 in severance pay after destructive winter storm

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 ERCOT and the Public Utility Commission of Texas, the regulatory body that oversees it, have been lambasted in recent weeks for failures in preparing for and responding to the winter storm that left millions of people in the dark for days and claimed the lives of dozens of Texans. ....

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Five ERCOT Board Members to Resign Wednesday

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 (Finance and Audit Committee Chairman) and Raymond Hepper (Human Resources and Governance Committee Chairman). ....

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LIVE BLOG: 13 Investigates' Ted Oberg in Austin for ERCOT hearings

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). ....

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