Texas power grid operator axes its CEO after deadly blackout caused by winter storm

Posted On: Apr 18, 2021   |   Posted By: RT

Texas power grid operator axes its CEO after deadly blackout caused by winter storm

The entity delivering power to most of Texas has decided to fire its CEO, as it faces criticism for failing to prepare the power grid for last month's winter storm and leaving millions without heat for days.
The board of the Electric Reliability Council of Texas has given a 60-day notice to President and CEO Bill Magness, the non-profit company said in a statement after a meeting on Wednesday night. During the transition period, he will “work with state leaders and regulators on potential reforms,” while the board looks for his replacement.
Magness has served as the head of ERCOT since 2016. In 2019, he received more than $876,000 compensation in salary and other benefits. He became the prime target for Texas lawmakers angered by the blackout, and had a lengthy grilling session in the state legislature last week, where he defended ERCOT's response to the crisis.
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