Fired ERCOT leader declines more than $ 800,000 in severance pay

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

The board of the nonprofit that operates and operates the power grid that covers much of Texas voted on his 60-day notice on Wednesday.

Magness was terminated for no reason, a spokesman said. Under the terms of his employment contract, his severance pay would have been equal to one year of his current base salary, which is more than $ 800,000.

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

On Monday, Lieutenant Governor Dan Patrick called on both Magness and the chairman of the PUC to resign. DeAnn Walker, the former chairman of the PUC, resigned that day. She had come under severe criticism from lawmakers after largely blaming ERCOT for the Texas power outage.

Gov. Greg Abbott has named Walker’s replacement on Wednesday.

Magness, who was questioned by state senators for more than five hours on Thursday, was criticized for preparing for the organization’s winter storm.

Magness worked at ERCOT for over a decade and became CEO and President in 2016 after serving as general counsel. Previously, he held executive management positions in the public and private utility sectors.