Bill Magness, president and CEO of ERCOT, spoke with NBC 5 Senior Investigative Reporter Scott Friedman Tuesday morning and said if the weather cooperates and if they get more power. Many of them lived out of state, a fact that only intensified anger toward ERCOT as the crisis unfolded. The ERCOT CEO makes an income of $814,909, according to the website Non Profit Light. Its a question of cost-benefit. Magness net worth has increased and decreased over time. This time, demand for power hit an all-time record high whileall types of power plants - and even natural gas delivery lines to some plants -- shut down in the cold, forcing ERCOT to order outages to prevent a far worse collapse of the entire power system. ERCOT manages the flow of electric power to more than 26 million Texans. Cobos heads the state's office of Public Utility Counsel, an agency that represents Texas' electric consumers. 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. So I understand your frustration, said Magness. Support. Notify me of follow-up comments by email. 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. In 2017, he was the chief executive of ERCOT. Mr. Magness has been in the utility business for 25 years, working with electric and telecommunications companies . We report on vital issues from politics to education and are the indispensable authority on the Texas scene, covering everything from music to cultural events with insightful recommendations. Demand surged and supply plummeted as power facilities fell offline. What the costs with the benefits are will inform that. A rising question is whether generative AI such as ChatGPT in its rawest form has significant value and legally ought to be made available for the betterment of us all. John Spong writes primarily about popular culture. BM: I think its important for the Legislature to consider it. Bill Magness, the ERCOT CEO who was voted out Wednesday night in the wake of last month's statewide power disaster, said late Thursday he will not accept the $800,000 golden parachute he was eligible to receive after his ouster. 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. Leave them blank to get signed up. 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 . At 12:17 a.m. on February 15, ERCOT moved to a Level 1 Energy Emergency Alert and asked for power conservation. "The commission approves the policy, we implement it," Magness said. According to the record, Bill Magness had 40 hours of work per week. The Electric Reliability Council of Texas (ERCOT) board has . Thats a different field than climate science. #Breaking ERCOT CEO Bill Magness fired 2 weeks after Texas winter storm power failure pic.twitter.com/rgwAckIJoK, Natalie Hee FOX 26 (@NatalieHee) March 4, 2021. Forrest Wilder writes about politics and the outdoors. 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. "It's certainly possible that ERCOT made decisions or didn't make decisions it should have, and I have some information on that. Those in the Hispanic and Latino community embrace the American Dream, yet they also have a responsibility to be good stewards of their distinctive culture and heritage, making it a challenge for brands to communicate effectively to this rapidly growing consumer segment. (kbtx) 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. ERCOT's CEO, Bill Magness faced questions from his own board about why these power outages were so severe and why the agency was not able to predict such a devastating outcome before the. Save my name, email, and website in this browser for the next time I comment. As Malone later put it, "Magness had been fighting the alligators for a long while and he said he needed someone." Who is to blame for the Texas winter storm power failure? At 9:58 p.m., ERCOT canceled the "projected reserve capacity shortage" watch. BM: We certainly do forecasting, and we take into account what our forecasters believe makes sense, whether its from weather, from economics, and various factors when we do longer-term planning. Copyright 2023 NBCUniversal Media, LLC. The ERCOT website has little information on the CEO, but a short biography can be found here. Anyone can read what you share. Here's how. Mr. Magness was among the state utility officials and electric company leaders brought before lawmakers for hours of intense questioning. Under the terms of his contract, Magness would have been entitled to more than $800,000 in severance pay, according to an employment contract provided by ERCOT. That meeting begins at 1 P.M. and can be viewed here. Wind-turbine blades ice over for several days. I mean, thats a policy decision for the Legislature to make. 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 public hearing in Austin on factors that led to statewide electrical blackouts. At least six ERCOT board members have stepped down in the aftermath of the blackouts. The hefty costs following the storm has already forced at least one power company to file for bankruptcy protection. 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. Bill Magness, president and CEO of the Electric Reliability Council of Texas, said officials narrowly avoided a catastrophic failure that could have turned temporary blackouts into outages. Moreover, the decision was made after the consequences of Februarys deadly blackouts that left millions of people without electricity. The start of what some, including Dallas State Senator Nathan Johnson describe as the start of a fact-finding mission. Magness hovered in the shadows--and hung onto a substantial stake in the company. Texan Bob Magness became intrigued by cable TV and laid his first system in the state's panhandle region in 1956. Magness told. Bill Magness Salary and Net Worth: How does money does he make? J-rio's Calmant Lyrics (Ft. Lova Lova Anel'k), Don Gummer Bio, Age, Art, Education, Net Worth, Wife, Children, Meryl Streep and Sculptures ZIO Wiki, Where Is Tommy Steele Today? Dan Patrick for her to quit. "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. On Wednesday, NBC 5 Investigates called Sally Talberg, the chair of ERCOT's Board of Directors who lives not in Texas but in Michigan, but she did not answer the phone and has not returned our. I think thats where they appropriately should, because there are debates about who pays what and how costs are allocated. So, then, if the natural-gas plant is having trouble getting fuel, thats a problem. 2023 Forbes Media LLC. We have a meteorologist who looks, but looks more at whats coming at us on the grid and does forecasts of various lengths. 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. Why These Ugly, Abandoned Longview Homes May Be Worth Saving. Those who remained decided to fire the agencys chief executive. Even so, the decision had grave implications for millions of Texans. "As I sit here now, I dont believe I would, I wouldnt step in front of them and question their judgment and their experience," Magness said. All Rights Reserved. But we had much better results. Mimi Swartz is a staff writer based in Houston. 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. 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. On Wednesday, according to NBC DFW, Magness told Texas legislators that if regulators had waited even five more minutes to implement rolling blackouts, a months long collapse of the power grid could have occurred. Further reports also reveal that the former ERCOT CEO's salary was much higher than that of people in a similar position. Bill Magnesss most recent responsibility was the CEO of Electric Reliability Council of Texas (ERCOT). Texas Attorney General Sues Griddy, Saying Electricity Provider Misled Customers, The Power Is Back On In Texas. If theres lessons learned from any of our neighboring power areas, its something well certainly look at and try to improve from. The action that we took, at its core, was to preserve the integrity of the grid so we would not lose this grid; so we wouldnt explode turbines and other kinds of issues that can arise if you let the grid get too out of balance; to prevent that catastrophic blackout. Bill Magness salary was more than $876,000 in the year 2019. Bill Magness, the ERCOT CEO who was voted out Wednesday night in the wake of last month's statewide power disaster, said late Thursday he will not accept the $800,000 golden parachute he was. Now Comes The Recovery, And It Won't Be Cheap. The board that oversees The Electric Reliability Council of Texas, Inc. (ERCOT) held an urgent meeting Wednesday morning to discuss the winter storm that crippled most of Texas last week. And thats where policymakers decide if its winterization thats going to solve my problem and Im willing to pay for it. ERCOT will exercise the 60 days' termination notice pursuant to Magness's employment agreement. In 2017, he was the chief executive of ERCOT. The CEO of ERCOT, Bill Magnesss position is temporary. The leader of the states utility regulator, the Public Utility Commission, bowed to mounting pressure by resigning on Monday. "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. But Wednesday night, ERCOT's board of directors pulled the plug on Magness in the wake of statewide power outages and gave Magness 60 days notice to terminate his contract. The state's top utility regulator resigned Monday. Bill Magness Salary and Net Worth: How Much Does ERCOT CEO Make A Year? 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