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Company News

Texas power grid operator ERCOT says outgoing CEO will not seek severance pay

FILE PHOTO: Workers install a utility pole to support power lines after an unprecedented winter storm in Houston, Texas, U.S., February 22, 2021. REUTERS/Adrees Latif

(Reuters) - Texas’ power grid operator Electric Reliability Council of Texas (ERCOT) said on Thursday outgoing Chief Executive Bill Magness informed the ERCOT board he will not seek or accept severance pay.

ERCOT ousted Magness on Wednesday, as the fallout continued from a deadly blackout last month that left residents without heat, power or water for days.

Reporting by Kanishka Singh in Bengaluru; Editing by Chris Reese

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