Unfortunately, many 3rd party crews that big box. According to the record, Bill Magness had 40 hours of work per week. If theres lessons learned from any of our neighboring power areas, its something well certainly look at and try to improve from. February 25, 2021 file photo shows Bill Magness, president and CEO of the Electric Reliability Council of Texas (ERCOT), testifying at a Committees on State Affairs and Energy Resources joint . Is it worth the cost to consumers to impose these requirements? Mr. Magness has been in the utility business for 25 years, working with electric and telecommunications companies . But I think youd need to really understand what happened in the event. Who is to blame for the Texas winter storm power failure? "I'd just say, I feel a great deal of responsibility and remorse about the event," Magness said, "but I believe the operators on our team did everything they could have. That early out, NBC 5 Investigates learned, meant Magness could receive severance equal to his yearly salary which is more than$800,000. He had been president and CEO of the Electric Reliability Council of Texas, but was removed following last month's winter storm that. Cobos did not specify what was included in Magness' severance package when she spoke to lawmakers. However, he may be forced out of the company in the future due to a lack of interest. Magness was subject to "at-will employment," according to his work agreement shared with the media. For the Biden administration, on the other hand, it should be a clear signal that we cannot keep subjecting consumers to this rollercoaster of prices when we have the tools to address it. All Rights Reserved. He will continue to serve as president and CEO for 60 days. There was no bloodshed. First Republic Bank seized by regulators, then sold to JPMorgan Chase, Reward offered as manhunt for Texas shooting suspect reaches "dead end", Louisiana's health care deserts put women, babies at risk, doctors say, Second convoy of U.S. citizens fleeing Khartoum arrives at Port Sudan, ISIS chief killed by Turkey's intelligence agency, Erdogan says, How a tall Texan became an unlikely Australian rules football star, General Mills issues Gold Medal flour recall over salmonella concerns, Investors sue Adidas over Kanye West Yeezy deal, Shaquil Barrett's 2-year-old daughter dies in drowning accident, Pointing fingers over Texas winter power failure. He was terminated by the ERCOT Board of Directors on March 3, 2021. Demand surged and supply plummeted as power facilities fell offline. On Thursday afternoon and Friday morning, reporter Jeffrey Ball talked to Bill Magness, the president of the Electric Reliability Council of Texas, ERCOT, the grid operator at the center of. Ben Rowen is a senior editor at Texas Monthly for News & Politics. Support. One board member criticized Magness, saying he did not do enough to warn the board of the possibility of a crisis before the storm hit. This material may not be published, broadcast, rewritten, or redistributed. Brazos Electric Power Cooperative, the largest power cooperative in Texas filed for bankruptcy this week, citing a massive bill from ERCOT. Although the actual figure of his fortune is not revealed, it can be estimated in millions so far. During this hearing, he stated that he felt a lot of responsibility and insisted that his company had done everything we could to keep the company running smoothly., Your email address will not be published. Taylor Prewitt is the newsletter editor for Texas Monthly. He built what became TCI by staying rural and using expensive, floating-rate bank debt. ERCOT typically does not share personnel records according to a company official. Bill Magness, the former president and CEO of the Electric Reliability Council of Texas, was removed from his post Wednesday following last month's winter storm that resulted in days-long blackouts for more than 4 million Texans.
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