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.
Probably because the investigation that would be launched for the clawback would be worse for him in the long run by having a documented “for cause” termination instead of a simple board action termination.
Saw a report that ercot left the rate charge too high after the crisis and this resulted in a $19 billion amount that PUC recommends be returned to customers. Maybe this is what is driving his sudden attack of good naturedness. Oops, my bad it was only $16 billion. But what's $3billion more or less among friends?
Also read where the good ol' folks at PUC said they weren't going to try to give any of the billions back. To quote the hmfic approximately 'you can't unscramble an egg'. Loosely translated I believe it says screw 'em.
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