(This extreme rate was sustained by the Public Utility Commission for days to try to incentivize power plant owners to get their plants working and back online, and the high rate ended up pushing some retailers into bankruptcy.). Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. They were basically from the industry and had to determine at certain points: Do I do whats best for ERCOT or, you know, where Im getting a paycheck?. Prior to joining ERCOT, she was with Central Maine Power as part of a core team to implement market deregulation in Maine. If we were part of a federally regulated system, wed probably still be asking for permission to do some of the things weve already implemented in place for this winter. Magness hasdefendedthe grid operators decision to call for the largest forced poweroutagein U.S. history, saying Texas came within seconds and minutes of catastrophic grid failures. Sean Taylor was named Vice President and Chief Financial Officer in October 2019 after serving as ERCOTs Controller since joining the company in February 2013. Jones comes on board at a time of intense scrutiny for the grid operator, following the February winter storm and power outages that affected the entire state. Subsequently, he received an MA in economics from the University of Texas at Arlington in 1991 and an MA in Middle Eastern studies from the University of Texas at Austin in 1995. Dozens of insurance companies have also filed suit. RELATED: Death toll from Texas winter storms rises once more to 125 people, D-FW victims now total 12. Dominic Anthony Walsh can be reached at Dominic@TPR.org and on Twitter at @_DominicAnthony, Texas Public Radio | His exit comes days after the head of the states utility regulator stepped down after receiving withering criticism by state lawmakers during hearings last week. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The board of directors gave CEO Bill Magness a 60-day termination notice in early March, weeks after the deadly storm. Subchapter M Default Balance Securitization, Subchapter N Uplift Balance Securitization, Proposed Brazos and ERCOT Bankruptcy Settlement, Independent Market Information System Registered Entity, Transmission/Distribution Service Providers, Access registration forms and other documents >, Market Coordination Team for Texas SET Version Releases, Texas Data Transport and MarkeTrak Systems Working Group, Texas Standard Electronic Transaction Working Group, Performance, Disturbance, Compliance Working Group, Planning Geomagnetic Disturbance Task Force, Protocol Interpretation Request Submission Process, Texas Standard Electronic Transaction Guides, Aggregate Distributed Energy Resource (ADER) Pilot Project, 30-Minute Emergency Response Service - Completed, Fast Responding Regulation Service - Completed, Weather-Sensitive Emergency Response Service - Completed, Other Binding Documents Revision Requests, Backcasted (Actual) Load Profiles - Historical, TDSP Distribution Loss Factors - Methodology, IDR Protocol Compliance Verification - Historical, Resource Integration & Ongoing Operations Resource Services. Prior to working at LCRA, Mr. Taylor was a consultant performing mergers and acquisition advisory services at PricewaterhouseCoopers in New York City. Pablo Vegas joined ERCOT in October 2022 as President and CEO. Greg Abbott. Vice President and Chief Financial Officer. We have to make sure we go about it the right way so that were attracting the right types of (power) generation to meet the needs of our customers every day.. Jones will serve beginning May 4. More than 4 million Texas homes and businesses were without power over several days of bitter cold. At least 111 Texans died as a result of the disaster, according to numbers released in March by the Department of State Health Services. He also served as the president and CEO of the New York Independent System Operator from October 2015 to October 2018. Im not sure being connected to a bigger grid would actually have less chance of causing a problem, Capriglione said. He also worked in various executive-level capacities at TXU Energy, Luminant and parent company Energy Future Holdings.During the 1999 Texas legislative session, he participated in TXUs activities before the Texas Legislature to restructure the electric industry and allow customers to choose their electric suppliers. That means Texas had no way of bringing in more electricity when the states power generators couldnt produce enough power to meet demand last February. Fort Worth Business Press It was championed by Magness, who is leaving just as the first stages are rolled out. Terms & Conditions. Because Texas is independent, state leaders can also move with more speed to craft reforms and implement them without waiting for recommendations from the Federal Energy Regulatory Commission, Jones said. He said ERCOT and Brad Jones have roles to play as messengers, but that they alone cannot prevent another power failure. If past experience is any indication of future performance, he will. 05:24. Elizabeth is an editor on the breaking news desk. April 27 (Reuters) - Brad Jones has been elected interim president and chief executive officer of the Texas grid operator ERCOT, its board said on Tuesday, filling the gap left by the previous CEO who was ousted in the wake of a deadly blackout in February. He spent years developing generation and working with regulators for TXU, and he spent years in top roles at ERCOT. Mr. Vegas had profit and loss accountability for NiSources six gas and electric utility companies as well as responsibility for strategy, planning, operations, construction, engineering, regulatory, environmental services, and federal government affairs for NiSource. P.O. She joined ERCOT in 2015 as Director of Total Rewards and Systems and was responsible for the companys compensation, benefits, human resources systems, and corporate payroll. Texas lawmakers could change that, Heres everything you need to know about school vouchers in Texas, Texas Education Agency denies reapproval for Houston special education school Avondale House, adding strain to underfunded system. Last summer, ERCOT released a 60-item list of reforms the agency was undertaking to improve its broken trust with Texans. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Board members voted 6-1, with two abstaining, in favor of serving Magness with his notice. I commend the ERCOT Board for confirming a leader of Brads caliber as interim CEO, said PUC Chairman Peter Lake in a release statement. (Courtesy Public Utility Commission of Texas), Editor, Spring/Klein & Lake Houston/Humble/Kingwood. He also leads advancements in generation and transmission planning to help meet long-term forecasting needs and ensures that the latest grid and technology changes are incorporated into models used by ERCOT for analysis. Robert Black joined ERCOT as Vice President of Public Affairs in November 2022 with more than three decades of political and government experience. AUSTIN, TX On April 27, the ERCOT Board of Directors announced their selection of Brad Jones as the new interim President and CEO, effective May 4, 2021. Electricity transmission and distribution providers also need to have plans in place for turning off power intermittently during emergencies so customers can be safer and are not without power for many hours, Jones said. Jayapal Parakkuth has over 25 years of experience in successfully visualizing, designing, and implementing software solutions to various aspects of power system grid control. ERCOT announced that four of its board members resigned Wednesday, Feb. 24 following its board meeting, and a fifth board member separately submitted her resignation. The grid operators usual approach to handling unsettled market transactions is for all participants to pay fees to cover the costs, up to $2.5 million per month. The agency is also focusing on improving its communications so that customers get a single message and not four or five messages that are conflicting from their energy provider and the state, he said. While Jones was in New York, Gov. Prior to joining ERCOT, he served as Principal Key Expert for Grid Control at Siemens Digital Grid, specializing in delivering high-risk, complex projects working with both the product and delivery organization at Siemens. Jones has been to many rodeos. Previously, Brad was a Director, Information Technol Read More When industry insiders were creating the first protocols for the Texas grid operator, veteran energy executive Brad Jones was at the table. The development of those rules was really done by a broad group of diverse participants in the marketplace, including consumers, Jones said. Prior to becoming President and CEO of the New York ISO, Brad served as Senior Vice President and Chief Operations Officer for the Electric Reliability Council of Texas. During the committee hearings held by state legislators last spring, Hancock said he was disturbed by the clear conflicts of interest on the Public Utility Commission, which regulates telecommunications, water and electric utilities across Texas. All Rights Reserved. The unprecedented outages caused as much as $129 billion in economic losses. Contact herby emailor viaTwitter. In March 2019, she transitioned to editor of the Spring/Klein edition and later became the editor of both the Spring/Klein and Lake Houston/Humble/Kingwood editions in June 2021. Thats the job of the Public Utility Commission (PUC), which oversees ERCOT and regulates the grid, as well as the Railroad Commission, which regulates the natural gas sector. Creating the original set of protocols that everyone could live with was surely good training for updating those protocols now. ERCOT said in a release that Jones has over 30 years of experience in the energy sector and held positions with ERCOT from April 2013 to October 2015, including Mr. Seely oversees state and federal policy and manages the overall litigation strategy of ERCOT. In that role, he was responsible for managing CPS Energys activities at ERCOT and the Public Utility Commission of Texas (PUC) and developing strategic policy. They were basically from the industry and had to determine at certain points: Do I do whats best for ERCOT or, you know, where Im getting a paycheck? Hancock, who represents portions of Tarrant and Dallas counties, said. April 27 (Reuters) - The board of ERCOT said on Tuesday that Brad Jones has been elected to serve as interim president and chief executive officer for the Texas Mr. Rickerson brings a considerable amount of electric industry experience to his position, including more than 19 years at ERCOT in various roles. Previously, Mr. gelman worked as a Senior Economist for the Texas Office of Public Utility Counsel, which represents residential electric consumers in Texas, from 1997 to 2007. Those preparations can mean installing more insulation, building structures around facilities to protect equipment and using thermal blankets to keep equipment from freezing, he said. The Texas Legislature is considering bills to allow ERCOT to securitize the IOUs, and Jones acknowledged that could put the grid operator in the unusual position of issuing bonds. In this role, Mr. Woodfin leads Real-Time Operations, Operations Planning, Forecasting and Ancillary Services, Outage Coordination, and other engineering activities that support the reliable operation of the power system and promote efficient power markets. However, Magness has told Ercots board he wont seek or accept a severance, according to a statement. Haley Samsel is the environmental reporter for the Fort Worth Report. The industry leader for online information for tax, accounting and finance professionals. He has a bachelors degree in electrical engineering from New Mexico State University and a masters degree in engineering management from the University of Colorado. But some of the biggest threats to the grids stability are outside of ERCOTs control. At this point, Jones said there are three components to his trust plan. Her position is supported by a grant fromthe Marilyn Brachman Hoffman Foundation. AUSTIN, Texas Updated at 5:27 p.m. with a statement from the interim CEO. We manage the flow of electric power to more than 26 million Texas customers -- representing 90 percent of the state's Brad Jones, CEO of New York's main electric grid operator from October 2015 to October 2018, will start his tenure as the president and CEO of ERCOT on May 4, the agency said Tuesday. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Novavax Inc's shares plunged 28% in U.S. early trading on Wednesday, a day after the COVID-19 vaccine maker raised doubts about its ability to remain in business. He is currently responsible for the strategic vision, planning, and leadership of the Finance, Human Resources, Enterprise Architecture, Market Rules and Stakeholder Support, Project Management, Strategic Planning, Enterprise Risk Management, Portfolio Management, and Business Continuity functions. Prior to joining ERCOT in October 2015, Mr. gelman served as the Director of Energy Market Policy for CPS Energy. If we were part of a federally regulated system, wed probably still be asking for permission to do some of the things weve already implemented in place for this winter.. The ERCOT board of directors selected its interim president and CEO Tuesday after the 60-day period following the firing of Bill Magness in March in the wake of February's winter storm. Mr. Black also served as the Director of Governmental Affairs for the AEP companies in Texas. The board gave Bill Magness a 60-day termination notice at the beginning of March. We're in the process of transitioning services for our Today in Houston newsletter. Jones was once Ercots chief operating officer, and is a Texan. Mr. Seely grew up in Irving, Texas, and received Bachelor of Arts degrees in Political Science and French from Texas Tech University in 1999. Brad Jones, Ercots interim chief executive officer, is aware hes walking a fine line. Mr. Taylor has a BBA from the University of Michigan. He didnt immediately respond to a LinkedIn message. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Instead, Jones said in an interview with The Dallas Morning News that he will start by rebuilding trust. Peter Cramton, who resigned as vice chair of the ERCOT board after the outages, said one of incoming CEO Brad Jones major challenges will be communicating the need to weatherize the supply of natural gas. Hannah covers education, local government, transportation, business, real estate development and nonprofits in these communities. He is a licensed CPA in Texas and New York and a Chartered Financial Analyst Charterholder. His work examines the institutions and policies affecting millions of students and families across Texas, with a focus on Houston home to the largest school district in the state. Generators, the grid operator and politicians have clashed over who is to blame, pointing fingers at power plants that didnt prepare for winter, Texass highly deregulated power market, frozen natural gas wells and issues with the grid itself. The Electric Reliability Council of Texas Board of Directors has selected Brad Jones to serve as interim president and CEO for the organization that manages the Texas power grid. We had a list from our Legislature within months We had most of the issues that the (federal commission) identified already resolved by the time they identified them.. Jones was once Ercots chief operating officer, and is a Texan. In her role, Mrs. Hobbs oversees ERCOT relations with the Public Utility Commission of Texas (PUCT), enterprise risk management, strategic analysis, project and portfolio management, as well as ERCOT, Inc. business continuity planning. 2005-2022 Community Impact Newspaper Co. All rights reserved. First, he said, ERCOT needs stabilizing, the company itself and the market participants. Jones has also She was named Director of Enterprise Risk Management and Strategic Analysis in December 2013,where she focused on providing the leadership and management necessary to identify, evaluate, mitigate, and monitor the companys operational and strategic risk, leading ERCOTs strategic and business planning processes, and providing guidance for the ERCOT governance process, especially as it relates to Market Rules. Magness will continue to serve as CEO and work with state leaders and regulators on potential reforms while Ercots board conducts a search for a replacement, according to the notice to staff and contractors. He was active with the Texas Reliability Entity, Edison Electric Institute and the FutureGen Industrial Alliance. Mr. Parakkuth has a masters degree in power systems and power electronics from the Indian Institute of Technology Bombay, and an MBA in information systems and finance from the University of Minnesota. Texans can be confident that the grid is more prepared than ever before, he added. See here for a complete list of exchanges and delays. Houston Public Media is supported with your gifts to the Houston Public Media Foundation and is licensed to the University of Houston. That included more inspections and assurances from power companies that they were adequately preparing their facilities for winter weather. Brad Jones, interim CEO of ERCOT, explains how the power grid partners with crypto mining facilities within Texas to manage energy demand. Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Total number of current Jobs the person has, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of events the individual appeared in, Senior Vice President and Chief Operations Officer. During her tenure at ERCOT,she has served in various roles focused on developing relationships both internal and external to the organization. Their inspectors found 10 potential deficiencies at power plants and six at electric transmission facilities, most of which were resolved. Your subscription will be migrated over. Her current responsibilities include Security (Cyber and Physical), Compliance, and Facilities. Third is better dialogue on needed technical changes in the power market and ERCOT. Jones, who worked for Texas energy companies and in senior roles at ERCOT before leading New York states power grid operator as president, takes 2023 Fortune Media IP Limited. The Electric Reliability Council of Texas Board of Directors has selected Brad Jones to serve as interim president and CEO. A long-time leader among ERCOT stakeholders, Brad chaired ERCOTs Technical Advisory Committee, a. cross-functional group that provides recommendations to the ERCOT Board of Directors related to operating guides and market protocols. Peak demand for electricity during the freeze reached nearly 10 megawatts above what ERCOT forecast. He didnt immediately respond to a LinkedIn message. He will lead the grid operator past the February outage crisis and into the crucial summer months at a time when the economy is reawakening and more people are moving to Texas, bumping up demand for electricity. Senior Vice President and Chief Administrative Officer, Chief of Staff. 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