Dismissed ERCOT leader refuses more than $ 800,000 in severance pay

Bill Magness, CEO of the Texas Electric Reliability Council who was fired by his board on Wednesday, said he would not seek or accept severance pay, according to a spokesman. He should have received more than $ 800,000, his contract shows.

The board of the nonprofit that operates and manages the power grid that covers much of Texas voted on Wednesday in favor of its 60-day notice of termination.

Magness was terminated without cause, a spokesman said. According to the terms of your employment contract, your severance pay would be equivalent to one year of your current base salary, which is more than $ 800,000.

Both ERCOT and the Texas Public Utility Commission, the regulator that oversees it, have been criticized in recent weeks for failures to prepare and respond to the winter storm that left millions of people in the dark for days and claimed the lives of dozens of people. Texans.

On Monday, Lieutenant Governor Dan Patrick asked for the resignation of Magness and the president of PUC. DeAnn Walker, former president of PUC, resigned that day. She had suffered strong criticism from lawmakers after blaming ERCOT for the Texas power outages.

Governor Greg Abbott on Wednesday named Walker’s replacement.

Magness, who endured more than five hours of interrogation by state senators on Thursday, was criticized for the organization’s preparations for the winter storm.

Magness worked at ERCOT for more than a decade and became its CEO and president in 2016 after working as its general advisor. Previously, he held executive management positions in the public and private services sectors.