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CEO of Texas power grid operator ERCOT fired, turns down $800,000 severance pay

Added 03-05-21 06:17:02pm EST - “Bill Magness previously expressed 'remorse' over the devastating power outages in Texas” - Theblaze.com

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Posted By TheNewsCommenter: From Theblaze.com: “CEO of Texas power grid operator ERCOT fired, turns down $800,000 severance pay”. Below is an excerpt from the article.

The Electric Reliability Council of Texas fired its CEO, Bill Magness, on Wednesday, and a spokesperson says the ousted leader will not accept the roughly $800,000 severance pay due to him as part of his contract.

The Texas Tribune reported that ERCOT's board of directors terminated Magness "without cause," and his office claims he "will not seek or accept" the year's salary — upwards of $800,000 — he would have been owed. According to the outlet, "Magness worked at ERCOT for more than a decade and became its CEO and president in 2016 after working as its general counsel."

ERCOT has been under intense scrutiny for imposing extended power outages that left millions of Texans suffered days without electricity or water amid a brutal winter storm last month. Dozens of deaths have been linked to the crisis, and plumbing problems still plague countless residents.

Texas lawmakers have raged over the disaster, demanding answers for why ERCOT was not better prepared. Gov. Greg Abbott (R) and Lt. Gov. Dan Patrick (R) both called publicly for the nonprofit's leaders to step down over the fiasco.

Last week, four of ERCOT's five out-of-state board members did resign amid public outrage over the revelation that one third of the board did not live in Texas to experience or even witness the suffering of the state's residents.

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