Save my name, email, and website in this browser for the next time I comment. State officials, including Gov. That meeting begins at 1 P.M. and can be viewed here. IE 11 is not supported. You can view his contract by clicking here. Thats 40 hours longer than the 2011 winter storm that caused rolling power outages. A utility pole in Austin, Texas, after a February storm left millions without power. But an ERCOT spokesperson said late Thursday that Magness had informed the board of directors he would not accept that payment. Although the actual figure of his fortune is not revealed, it can be estimated in millions so far. Exclusive whiskey intel from one of the spirit industry's top annual tasting events. His salary is currently around $800K. As Malone later put it, "Magness had been fighting the alligators for a long while and he said he needed someone." The ERCOT CEO makes an income of $814,909, according to the website Non Profit Light. Magness told. He recently testified to a state Senate panel on the organizations governance structure. Thats a different field than climate science. Of all the great players to pass through the Indiana Hoosiers men's basketball program, next to none have had the impact of TDJ. 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. 5 ERCOT board members don't live in Texas, one from Canada 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. 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. "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. Some residents have been saddled with electric bills eclipsing $10,000. BM: We dont have any climate specialists on staff. Magness also defended ERCOT as an entity that carries out what state lawmakers and the PUC direct. 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. Q&A with ERCOT President and CEO Bill Magness - Texas Monthly Bill Magness Salary and Net Worth: How does money does he make? So I understand your frustration, said Magness. We were solving problems, but I think we should have been talking more to people about what this was starting to look like. https://t.co/8qpbAXiAfa #txlege pic.twitter.com/xEYaRfB2yl, Sarah Rafique (@sarahrafique) February 25, 2021. But I think youd need to really understand what happened in the event. Was He Arrested? Those who remained decided to fire the agencys chief executive. Moreover, the decision was made after the consequences of Februarys deadly blackouts that left millions of people without electricity. TM: Is there anything we didnt discuss that youd like to address? Likewise, his net worth is contributed by the earnings he made from the ERCOT. ERCOT Removes Names of Board Members from Site Following - Newsweek hide caption. But I think you do see some evidence that the approach had some results. Bill Magness, the chief executive of the Electric Reliability Council of Texas, had led the agency since 2016. elevated another member of the utility commission. 23 Texas A&M Past Mizzou, 11-4, Cyclists descend on Kyle Field for the Bike MS 150 to raise money for multiple sclerosis, Texas A&M commit highlights Adidas showcase at Legends Events Center, Brazos Valley first responders escort Deanville Fire Chief back to community he served. Texas Monthly talks to the ERCOT chief about why the blackouts happened and what needs to change now. Magness' net worth has increased and decreased over time. Most Facebook users can now claim settlement money. The CEO of ERCOT, Bill Magnesss position is temporary. Magness hovered in the shadows--and hung onto a substantial stake in the company. If theres lessons learned from any of our neighboring power areas, its something well certainly look at and try to improve from. Bill Magness Salary and Net Worth: Why Is ERCOT CEO Fired? 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. Magness net worth has increased and decreased over time. All Rights Reserved. Likewise, his net worth is contributed by the earnings he made from the ERCOT. The CEO, Bill Magness, makes more than $800,000 annually, according to ERCOT's 2018 tax form, the most recent filing available.5 mar 2021 Related Posts nad sylvan net worth First published on March 4, 2021 / 6:26 AM. The board said he would serve in those roles for the next two months. At least today we can say were very close to seeing these outages ending. 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