Bill Magness, CEO of ERCOT, listens to proceedings at the State Capitol in Austin, Texas, on Feb. 26, 2021.
Bill Magness, the Electric Reliability Council of Texas CEO who was terminated by his board Wednesday, said he will not seek or accept severance pay, according to a spokesperson.
According to the terms of his employment contract, his severance pay would have been equivalent to one year of his current base salary, which is more than $800,000.
Magness, who endured more than five hours of questioning by state senators on Thursday, was criticized for the organization’s winter storm preparations.
“Fired ERCOT leader refuses more than $800,000 severance pay in storm aftermath” was first published at https://www.texastribune.org/2021/03/04/Texas-ercot-leader-bill-magness-fired-severance-pay/ by The Texas Tribune.