CEO of Texas power grid operator "terminated" in aftermath of winter storm

[TexasTowelie]

by Erin Douglas and Mitchell Ferman, Texas Tribune


The board overseeing the Electric Reliability Council of Texas, the independent nonprofit entity that operates and manages the electricity grid that covers much of Texas, fired ERCOT CEO Bill Magness Wednesday night.

The move by the board to vote in favor of a "60-day termination notice" came after they convened in a private executive session for more than three hours. The board barely discussed its decision once returning to the public session.

The decision is the latest of several recently announced departures from the ERCOT board, which also included Magness. Seven board members resigned after public criticism that many board members did not reside in Texas.

Magness' absence will leave the 16-person ERCOT board with a mix of vacancies and temporary members. Both ERCOT and the Public Utilities 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.

Read more: https://www.texastribune.org/2021/03/02/ercot-texas-bill-magness/

[dweller]

1. Wonder what

his exit compensation package was ?
🤔

✌🏻

[TexasTowelie]

2. Not having the electricity shut off at his residence the next time the grid is about to go down.

That sarcastic remark was not intended towards you.

[TwilightZone]

3. It's a non-profit.

So possibly not as much as one might expect, though that's just a guess.

He made $883K in 2018. By comparison, the CEO of PG&E in California (a bit of an apples to oranges comparison, but a noteworthy one) made about $9 million in '18.