Fired Texas electric grid chief refuses $800,000 severance package

TX – Former President and CEO of the Electric Reliability Council of Texas (ERCOT) Bill Magness refused his hefty severance package Thursday after being fired from the agency still reeling from last month’s catastrophic winter storms that left millions without power.

A spokesperson for ERCOT told Fox News that Bill Magness has said he will not “seek or accept” any severance package – a safety net equating to more than $800,000, which is one year of his base salary, according to his employment contract.

Magness was removed from his post following a late-night meeting with ERCOT’s Board of Directors Wednesday.

The move to oust the executive from the agency, tasked with supplying much of the state’s electricity, is the latest fallout following last month’s winter storm.

Chairwoman of the Public Utility Commission of Texas, DeAnn Walker, bowed to mounting pressure and resigned from her post Monday, after Texas Lt. Gov. Dan Patrick called for her and Magness to quit, reported the local news outlet Fox 61.

“Both the PUC Chair and the ERCOT CEO said they were prepared the day before the storm hit in full force, but obviously they were not,” Patrick said in a statement Monday.

Seven of ERCOT’s board members also resigned amid hearings by Texas state lawmakers, investigating why the near collapse of the state’s electric grid forced millions of Texans to endure freezing temperatures with the loss of their power supply.

Prior to his ousting, 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 experience another massive electric failure.

Magness will continue to serve in his role for another 60 days during the transitionary period of finding his replacement.