"In 2020, we energized over a billion dollars' worth of new transmission projects." Bill Magness became ERCOT's president and chief executive officer in January 2016, after more than five years as ERCOT's general counsel. Wed still be talking about how wed get the power on, he told lawmakers last week, adding that he would not act differently if he were in the same situation again. All rights reserved, who was voted out Wednesday night in the wake of last month's statewide power disaster, State Troopers Intensify Fake Inspection Crackdown As DPS Director Demands Technology to Stop Fraud, NBC 5 Investigates Wins 2023 Walter Cronkite Award for Streaming Series Against All Enemies', Dallas Retailer Tuesday Morning is Going Out of Business; Liquidation Sales Coming Soon, Chargers Make History by Drafting TCU Trio of Skill Position Players, This 28-Year-Old Ignored Warnings About Job-Hopping and Doubled Her Salary to $186K in 5 Years, Authorities Announce $80,000 Reward for Texas Mass Shooting Suspect, Bill Named After Athena Strand Would Change How Missing Children Alerts Are Issued. Likewise, his net worth is contributed by the earnings he made from the ERCOT. Magness also defended ERCOT as an entity that carries out what state lawmakers and the PUC direct. Magness died in 1996, but left his kids, Gary and Kim, his stake. As CEO of the nonprofit that oversees the state's power grid, it was up to Magness to ensure Texas had a reliable electric system. And thats still something were going to have to gather up once were finished getting all the people back their power. In fact, in 2018, he made $883,000, and this must mean that he is well-off. Inside the Bro-tastic Party Mansions Upending a Historic Austin Community, Sex, Threats, and Late-Night Phone Calls: The Allegations From Inside Jolanda Joness Legislative Office, Texass Big Ranches Are Still Selling for Big Bucks, The Campaign to Sabotage Texass Public Schools, Opinion: Texas Needs Leadership on Its Student Mental Health Crisis, For Texass Antiabortion Movement, the Chilling Effect Is Working, Dan Patrick Tries Out a Trumpy Nickname for Texas Speaker Dade Phelan. Now One Is Suing a Republican Lawmaker for Calling Her Treasonous. He initially referred the request to an ERCOT spokesperson who said she had no details on the package. Watch: ERCOT chief tells Texas Senate he wouldn't have managed power grid differently, left millions in the state without power for days. Forrest Wilder writes about politics and the outdoors. All of this was caused by a weather system he described as bigger than anything the agency's forecasters ever predicted, throwing into question the forecast models used to predict winter weather and the states power needs. What did ERCOT do as a result of that recommendation? In the 1970s he hired a smooth-talking executive named John Malone (today a cable TV billionaire). Senior. Chairwoman DeAnn Walker resigned after struggling in two lengthy appearances before lawmakers following the blackouts, but said others should also accept responsibility for the outages. Magness, who made more than $876,000 in salary and other compensation in 2019, was the target of much of the outrage over the blackouts that began Feb. 15 when a winter storm plunged temperatures into single digits across Texas, causing skyrocketing demand for electricity to heat homes. It comes from the Texans after paying their electric bills. At least today we can say were very close to seeing these outages ending. He recently testified to a state Senate panel on the organizations governance structure. But more financial planners are aiming to help. Its a question of cost-benefit. Bill Magness Salary and Net Worth: How does money does he make? Austin, Texas Texas' power grid manager was fired Wednesday amid growing calls for his ouster following February's deadly blackouts that left millions of people without electricity and heat for days in subfreezing temperatures. Bill Magness, the CEO and president of the Energy Reliability Council of Texas, or ERCOT, made the comments on Thursday in a hearing before the Texas State Senate Business and Commerce Committee. 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. The control room at the Electric Reliability Council of Texas. "During this transition period, Bill will continue to serve as President and CEO and work with state leaders and regulators on potential reforms to ERCOT," the organization said in a statement. ERCOT CEO Bill Magness: Ill tell you the part I feel is on me. Bill Magnesss most recent responsibility was the CEO of Electric Reliability Council of Texas (ERCOT). hide caption. It comes from the Texans after paying their electric bills. TM: Federal officials warned Texas following the winter 2011 blackouts that they should do more to require generators and gas producers to winterize their facilities. Bill Magness, CEO of the Electric Reliability Council of Texas, becomes the second senior official to depart in the wake of the one of the worst blackouts in U.S. history. Save my name, email, and website in this browser for the next time I comment. The patchwork of government programs for adults with disabilities, and their varying eligibility rules, create complications and traps. Thats 40 hours longer than the 2011 winter storm that caused rolling power outages. Magness agreed to release his contract Thursday, hours after NBC5 Investigates asked him to make the details of his severance public. BM: We dont have any climate specialists on staff. ERCOT CEO will not receive severance pay despite being fired without cause. Was He Arrested? The board said he would serve in those roles for the next two months. On Thursday he will face more questions from lawmakers in both the state house and senate. And I just wanted to make that statement., As NBC 5 Investigates first reported, ERCOTs audio recordings show Magness spent less than one minute discussing the impending storm at the last board meeting just five days before the storm arrived. A fifth ERCOTboard member resigned Wednesday, joining four others who announced their resignations Tuesday saying they wanted to avoid controversy over the fact that they live in other states. The board of . Water systems were knocked out by the loss of power. "I believe the operators on our team did everything that they could," ERCOT president Bill Magness told the Texas state Senate. Bill Magness: What this storm showed is that, when you have a once-in-however-many-years storm like this in Texas and it covers the entire state with single-digit temperatures and freezing precipitation and ice, it affects every type of generation. However, he may be forced out of the company in the future due to a lack of interest. This successful entrepreneur has been criticized in the past for his sloppy handling of winter storms, but we are not privy to his private details. 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 . He will continue to serve as the organization's president and CEO during the transition period. The impending departure of the executive, Bill Magness, is the storm's latest fallout, with lawmakers vowing to hold officials accountable and overhaul the power system. Seven board members at the council, known as ERCOT, have resigned since last week. ERCOT's CEO Bill Magness said having board members not living in Texas would not have altered how the company operated amid the severe winter conditions and dismissed calls for prohibiting. A spokesperson for ERCOT told Fox News that Bill Magness has said he will not "seek or accept" any severance package - a safety net equating to more than $800,000, which is one year of his. Republican Gov. Americas +1 212 318 2000. Liv Pollock Wiki [Dacre Montgomery] Age Height Net Worth Bio Facts. The CEO of ERCOT has been questioned about the governance structure of the corporation, and the compensation package that comes with the position. ", Cutting Magness off, Whitmire asked, "But you wouldn't have changed anything in terms of your play calling during those critical hours?". Bill Magness, the CEO and president of the Energy Reliability Council of Texas, or ERCOT, made the comments on Thursday in a hearing before the Texas State Senate Business and Commerce Committee. BM: The capacity market versus the energy market has been debated very actively, with those debates happening at the PUC [Public Utilities Commission] and at the Legislature. However, a recent report on Magness net worth suggests that he is well-compensated. But the power did not flip back on for days for millions of residents, and the prolonged outages quickly escalated to a crisis of tragic proportions, as people trying to keep warm died of carbon monoxide poisoning and others froze to death. Should it? Then, hours later the spokesperson issued a statement saying Magness had, "informed the ERCOT Board of Directors that he will not seek or accept the severance pay". All rights reserved, Texas Man Kills 5 Neighbors After They Complained of Gunfire, Fallen Officers Remembered at 2023 Texas Peace Officers' Memorial Ceremony and Candlelight Vigil, This 28-Year-Old Ignored Warnings About Job-Hopping and Doubled Her Salary to $186K in 5 Years, Authorities Announce $80,000 Reward for Texas Mass Shooting Suspect, Dallas Retailer Tuesday Morning is Going Out of Business; Liquidation Sales Coming Soon, Texas Teacher Pensions Could Get First Bump in Two Decades, Chargers Make History by Drafting TCU Trio of Skill Position Players. Most of it is, Whats the most-severe weather event weve seen that we need to be prepared for? Thats what was, at least as of this week, pretty shocking about what we saw this week. The rest of the board voted, 6 to 1, on Wednesday night to replace Mr. Magness, who had led the agency since 2016. The board of directors for the Electric Reliability Council of Texas (ERCOT) issued Magness a 60-day termination notice at a meeting Wednesday night. "There is a 60-day transition and a severance package and I had concerns about that as I represent consumers who pay ERCOT's day-to-day operations and salaries," Cobos said. The CEO of the organization that controls the Texas power grid told lawmakers he wouldn't have done anything different during the winter storm last that left millions in the state without power for days. ERCOT CEO Bill Magness removed by board after Texas power crisis. And its full of great reads, yall. IE 11 is not supported. With the stroke of a pen, President Biden could change retail history when Philippine President Ferdinand Marcos Jr. visits the White House this week. TM: Should ERCOT do more to consider the potential effects of climate change in its forecasting? In an online presentation to ERCOTs board, Magness showed slides revealing an updated analysis showing nearly half of the power generating units, 48.6%, in the state shut down at the height of the outages. As Malone later put it, "Magness had been fighting the alligators for a long while and he said he needed someone."
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