We measure how we think were going to do, and do we have enough by what weve seen, or models of what we could see. Mimi Swartz is a staff writer based in Houston. According to the record, Bill Magness had 40 hours of work per week. Lawmakers argued that ERCOT and others had failed to act after previous winter storms and to adequately prepare Texas electric system for harsh conditions. ERCOT CEO Bill Magness removed by board after Texas power crisis. Then, hours later the spokesperson issued a statement saying Magness had, "informed the ERCOT Board of Directors that he will not seek or accept the severance pay". Bill Magness, President and CEO of the Electric Reliability Council of Texas (ERCOT), testifies as the Committees on State Affairs and Energy Resources hold a joint public hearing to consider. I think thats where they appropriately should, because there are debates about who pays what and how costs are allocated. ERCOT's CEO Bill Magness said having board members not living in Texas would not have altered how the company operated amid the severe winter conditions and dismissed calls for prohibiting. Texas power grid CEO Bill Magness getting fired in wake of deadly Cobos heads the state's office of Public Utility Counsel, an agency that represents Texas' electric consumers. TM: Should the Texas Legislature mandate weatherization? For the Biden administration, on the other hand, it should be a clear signal that we cannot keep subjecting consumers to this rollercoaster of prices when we have the tools to address it. But I think youd need to really understand what happened in the event. As CEO of the nonprofit that oversees the state's power grid, it was up to Magness to ensure Texas had a reliable electric system. It comes from the Texans after paying their electric bills. Most Facebook users can now claim settlement money. ERCOT's CEO, Bill Magness faced questions from his own board about why these power outages were so severe and why the agency was not able to predict such a devastating outcome before the. Is it worth the cost to consumers to impose these requirements? Magness net worth has increased and decreased over time. The CEO said it would be "on me" if records were to show neglect. Taylor Prewitt is the newsletter editor for Texas Monthly. ERCOT will exercise the 60 days' termination notice pursuant to Magness's employment agreement. Although the actual figure of his fortune is not revealed, it can be estimated in millions so far. And its full of great reads, yall.