Former President and CEO of the Electric Reliability Council of Texas (ERCOT), Bill Magness, on Thursday rejected his sturdy severance package after being fired from the agency, which is still suffering from last month’s catastrophic winter storms that left millions without power left it.
An ERCOT spokesman told Fox News that Bill Magness said he would not “seek or accept a severance package” – a safety net worth more than $ 800,000, which according to his contract of employment is one year of his base salary.
Magness was removed from office after meeting with ERCOT’s board late Wednesday night.
The move to oust the agency from the agency, with the task of supplying much of the state’s electricity, is the latest downfall after last month’s winter storm.
DEADLY TEXAS WINTER STORM LEAVES MILLIONS WITHOUT POWER IN THE MIDDLE OF ICE TEMPERATURES
Texas Public Utility Commission chair DeAnn Walker bowed to increasing pressure and resigned Monday, after lt. Texas Gov. Dan Patrick has asked her and Magness to quit, reports the local news agency Fox 61.
“Both the PUC chairman and the ERCOT chief executive said they were prepared a day before the storm hit in full force, but that was not clear,” Patrick said in a statement on Monday.
Seven of ERCOT’s board members also resigned amid hearings by lawmakers in the state of Texas, investigating the fact that the state’s electrical network nearly collapsed to endure icy temperatures with the loss of their power supply.
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Before Magness was fired, Magness sent a list of priority projects to ERCOT’s Technical Advisory Committee outlining improvements the agency could make to ensure that the state did not experience another major electrical failure.
Magness will serve another 60 days in his role during the transition period to find his replacement.