Fired Texas electric grid chief refuses $800,000 severance package

Former President and CEO of the Electric Reliability Council of Texas (ERCOT) Bill Magness refused his hefty severance package Thursday after being fired from the company nonetheless reeling from final month’s catastrophic winter storms that left thousands and thousands with out energy.

A spokesperson for ERCOT advised Fox News that Bill Magness has mentioned he is not going to “seek or accept” any severance package – a security web equating to greater than $800,000, which is one yr of his base wage, in response to his employment contract.  

Magness was faraway from his submit following a late-night assembly with ERCOT’s Board of Directors Wednesday.

The transfer to oust the chief from the company, tasked with supplying a lot of the state’s electrical energy, is the newest fallout following final month’s winter storm.

DEADLY TEXAS WINTER STORM LEAVES MILLIONS WITHOUT POWER AMID FRIGID TEMPERATURES

Chairwoman of the Public Utility Commission of Texas, DeAnn Walker, bowed to mounting strain and resigned from her submit Monday, after Texas Lt. Gov. Dan Patrick referred to as for her and Magness to stop, reported the native news outlet Fox 61.

“Both the PUC Chair and the ERCOT CEO said they were prepared the day before the storm hit in full force, but obviously they were not,” Patrick mentioned in a press release Monday.

Seven of ERCOT’s board members additionally resigned amid hearings by Texas state lawmakers, investigating why the close to collapse of the state’s electric grid pressured thousands and thousands of Texans to endure freezing temperatures with the lack of their energy provide.

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Prior to his ousting, Magness despatched a listing of precedence initiatives to ERCOT’s Technical Advisory Committee outlining enhancements the company could make to make sure the state doesn’t expertise one other huge electric failure.

Magness will proceed to serve in his position for one more 60 days through the transitionary interval of discovering his substitute.