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Former Electric Reliability Council of Texas (ERCOT) President and CEO Bill Magness on Thursday turned down his substantial severance package after being fired from the agency still reeling from last month’s catastrophic winter storms that have left millions of people without electricity.
An ERCOT spokesperson told Fox News that Bill Magness had said he would not “seek or accept” any severance pay – a safety net equivalent to more than $ 800,000, or a year of his life. basic salary, according to his employment contract.
Magness was removed from his post following a late-night meeting with the ERCOT board on Wednesday.
The decision to oust the agency’s executive, which is responsible for providing much of the state’s electricity, is the latest consequence of last month’s winter storm.
DEADLY TEXAS WINTER STORM LEAVING MILLIONS WITHOUT POWER IN THE MIDDLE OF COLD TEMPERATURES
Texas Public Utility Commission chairman DeAnn Walker bowed to growing pressure and resigned her post Monday, after Texas Lieutenant Governor Dan Patrick demanded that she and Magness resign, local media Fox 61 reported.
“The president of the PUC and the CEO of ERCOT said they were ready the day before the storm, but clearly not,” Patrick said in a statement Monday.
Seven of ERCOT’s board members also resigned during hearings of Texas state lawmakers, investigating why the near collapse of the state’s power grid forced millions of Texans to withstand freezing temperatures with the loss of their power supply.
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Prior to his ouster, Magness sent a list of priority projects to ERCOT’s Technical Advisory Committee outlining improvements the agency can make to ensure the state does not suffer another massive power outage.
Magness will continue in his role for another 60 days during the transition period to find his replacement.
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