At this point, Jones said there are three components to his trust plan. It was championed by Magness, who is leaving just as the first stages are rolled out. 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. Mr. Rickerson is responsible for guiding new, in-depth generation inspections and coordinating enforcement actions with the Public Utility Commission. Texas Governor Greg Abbott had called for board members and other leaders to step down in the wake of the crisis. Senior Vice President, General Counsel and Corporate Secretary. 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. Mr. gelman served as Chairman of the ERCOT Technical Advisory Committee from 2011 to 2013. At that rate, ERCOT might finally be finished paying for this years outages by the end of the century. He wasnt ready to say if he is leaning to one idea or another. Earlier this month, ERCOT reported more than 300 inspections of power generating facilities, which take natural gas supply and other power sources and turn it into electricity for the grid. 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. The new ERCOT CEO wants to rebuild your trust in the Texas electricity grid Brad Jones expects to present a 100-day plan within a month. Too bad for New York, because a grid executive who can tether political ambitions to physical reality is an asset. Mrs. Hobbs joined ERCOT in 2002 after serving for two years as a Senior Retail Market Analyst for the PUCT,where she worked with the Commission to implement policy in the Texas electric industrys transition to competition. Hannah covers education, local government, transportation, business, real estate development and nonprofits in these communities. Previously, Brad was a Director, Information Technol Read More Read more about our editorial independence policyhere. He is a former board member of March of Dimes, Gulf Coast Power Association, Atlas Scholars, and St. Peters Health Partners. 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. 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. So far, 125 deaths across the state have been attributed to the storm and power outage. Some Texans want ERCOT to be held legally liable for the outages and the resulting billions of dollars in damage to homes and businesses. Enough jargon, he said, we have to speak in very clear terms.. "Over the next few weeks, I will be meeting with ERCOT staff, elected officials and leaders of various state agencies and developing a 100-day strategic plan to present to state officials and the public. He also previously served as the Vice President for Grid Control at Omnetric Group, which was formed as a joint venture between Siemens and Accenture to drive IT/OT convergence in the power industry. AUSTIN (CBSDFW.COM) - The Public Utility Commission of Texas today named Adrianne Brandt the agency's new Director of ERCOT, Inc. 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. The Texas legislature oversees all of the organizations, and its efforts to mandate weatherization have stalled. 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. More than 4 million Texas homes and businesses were without power over several days of bitter cold. Their inspectors found 10 potential deficiencies at power plants and six at electric transmission facilities, most of which were resolved. Its not surprising that on his first day on the job, Jones declined to offer a solution to the reliability issues that led to power outages in February. Peak demand for electricity during the freeze reached nearly 10 megawatts above what ERCOT forecast. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Dominic Anthony Walsh covers education & families for Houston Public Media's enterprise team. 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. Jones defended the design of Texas electricity market and power grid. He graduated from Boston University in 1987 with a BA in international relations. Mr. Vegas currently serves on the board of directors at Northwest Bancshares, Inc. Mr. Vegas attended the Advanced Management Program at Harvard Business School, completed the AEP Strategic Leadership program at the Ohio State University, and graduated cum laude from the University of Michigan with a BS degree in mechanical engineering. Contact herby emailor viaTwitter. 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. MacKenzie Sigalos. ERCOT doesnt have the power to mandate major changes. The unprecedented outages caused as much as $129 billion in economic losses. Betty Day was named Vice President of Security & Compliance and Chief Compliance Officer in 2019 after serving in various executive roles since 2011. Mr. Taylor has more than 20 years of finance experience in various roles. Powered and implemented by Interactive Data Managed Solutions. 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 Mara Spak is Vice President of Human Resources at ERCOT. The industry leader for online information for tax, accounting and finance professionals. I commend the ERCOT Board for confirming a leader of Brads caliber as interim CEO, said PUC Chairman Peter Lake in a release statement. Jones was once Ercots chief operating officer, and is a Texan. Magness is leaving the Electric Reliability Council of Texas after the board voted to terminate his employment and gave him a 60-day term notice, according to a notice to Ercot staff and contractors seen by Bloomberg News. 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. Rickerson brings a considerable amount of electric industry experience to his position, including more than 19 years at ERCOT in various roles. Brad Jones will fill the role in an interim capacity in early May. He acknowledged that the matter of $3 billion in unpaid bills for power market trades will need to be settled. In an effort to rebuild trust following the near-collapse of Texas power grid during last Februarys winter storm, Jones has traveled across the state to hold listening sessions everywhere from Odessa to Frisco. Third is better dialogue on needed technical changes in the power market and ERCOT. She earned bachelors degrees in mathematics and physics from Berea College in Kentucky and attended graduate school at the University of Kentucky. ERCOT Verified account @ERCOT_ISO. Prior to joining ERCOT, she worked in hi-tech and healthcare industries. Elizabeth Souder. Notifications can be turned off anytime in the browser settings. They didnt meet the needs of either their customers or the state of Texas, and they faced penalties associated with that, financial penalties, Jones said. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Prior to CI, Hannah served as associate editor of The Houstonian, interned with Community Impact Newspaper and spent time writing for the Sam Houston State University College of Fine Arts and Mass Communication and The Huntsville Item. Senior Vice President and Chief Administrative Officer, Chief of Staff. Dominic Anthony Walsh can be reached at Dominic@TPR.org and on Twitter at @_DominicAnthony, Texas Public Radio | ERCOTs previous chief executive was fired following the storm, and every commissioner serving on the Public Utility Commission resigned as well, Jones said. Ms. Spak has more than 15 years of extensive experience in human resources at diverse corporate entities. Ms. Spak graduated from Southwestern University with a BA in psychology. read more. This years storm was far worse, and ERCOT needs to look at weatherization planning. Texans can be confident that the grid is more prepared than ever before, he added. Jeyant Tamby serves as ERCOTs Chief Administrative Officer and Chief of Staff. Brad Jones, former head of New Yorks power grid, is the leading candidate to replace Magness as Ercots new CEO, according to people familiar with the boards thinking. 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 Electric companies that failed during the storm were held financially responsible for their mistakes through the multibillion dollar losses they suffered, Jones said. Prior to joining ERCOT in 2003, he led various generation and transmission planning activities at Central and Southwest Services, Reliant Energy, and West Texas Utilities. RELATED: Death toll from Texas winter storms rises once more to 125 people, D-FW victims now total 12. Dramatically shifting our power grid to cleaner energy is a good thing, but its only a politicians promise without electricity experts who know how to build a system to make it so. In a press release, ERCOT said Jones will serve in the position for up to a year while the board searches for a permanent replacement. WebHis previous experience within ERCOT includes serving as Chief of Staff and as Interim Chief Operating Officer. Prior to joining ERCOT in October 2015, Mr. gelman served as the Director of Energy Market Policy for CPS Energy. Mr. Taylor is a veteran of the U.S. Army, where he served as a forward observer. From 2013 until 2018, Mr. gelman served on the Gulf Coast Power Associations (GCPA) Board of Directors, including presiding as Vice President in 2014 and President in 2015. 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?. Dan Woodfin is ERCOTs Vice President of System Operations. Unfortunately, he said, ERCOTs push for affordability over reliability finally caught up to it in February 2021. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Jones was elected to serve until the position has been permanently filled, up to a term of one year, effective May 4, the Electric Reliability Council of Texas board said in an emailed statement. Jones' appointment is effective May 4, and will last until the position is filled, up to a year, according to 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 Hannah joined Community Impact Newspaper as a reporter in May 2016 after graduating with a degree in journalism from Sam Houston State University in Huntsville, Texas. Our Standards: The Thomson Reuters Trust Principles. read more. Send a letter to the editor and you just might get published. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. He didnt immediately respond to a LinkedIn message. That included more inspections and assurances from power companies that they were adequately preparing their facilities for winter weather. Offers may be subject to change without notice. During a cold spell earlier this month, natural gas production in Texas dropped significantly, but ERCOT did not report any significant power outages. Other companies went bankrupt and continue to struggle because their power plants shut down because of the low temperatures, he added. He replaces Brad Jones, who led the organization as its interim-CEO following the February 2021 winter storm, when Texans across the state lost power and hundreds of people died. We're in the process of transitioning services for our Today in Houston newsletter. LinkedIn has officially entered its cringe era, and its working. Lake and interim ERCOT CEO Brad Jones have been routinely describing the procurement of massive amounts of reserve capacity, even when they arent needed, as conservative. (now worth $600-$800 million per year) to storage that can sustain for 4 hours. Fort Worth Business Press 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. Creating the original set of protocols that everyone could live with was surely good training for updating those protocols now. Kenan gelman isERCOTs Vice President of Commercial Operations, overseeing Market Operations, Settlement and Retail Operations, and Market Design and Development. Elizabeth is an editor on the breaking news desk. WebPublic Utility Commission of Texas 1701 N. Congress, P.O. He played a key role in the development of ERCOT energy and market systems, as well as risk management and strategic planning. The Electric Reliability Council of Texas Board of Directors has selected Brad Jones to serve as interim president and CEO. In 2019, Ms. Spak was promoted to Senior Director of Human Resources at ERCOT and was responsible for all Human Resource functions and programs. I expect for that plan to be very specific and very aggressive, he said. 2005-2022 Community Impact Newspaper Co. All rights reserved. He graduated from South Texas College of Law in 2002 and earned awards in South Texas esteemed advocacy program. There is no recent news or activity for this profile. For example, power plants were weatherized this winter, but for the ice storm of 2011, he said. Death toll from Texas winter storms rises once more to 125 people, D-FW victims now total 12, Terminated ERCOT CEO says he won't seek or accept severance pay, Its all connected: How Februarys power outages knocked out natural gas wells, Simple fix to prevent future electric outages has yet to be mandated by the Texas legislature, Sen. Cornyn and Rep. Johnson introduce bipartisan bill to strengthen, winterize Texas power grid. Ercots chair and four other directors resigned Feb. 23, while two other board members resigned in the following days. Find the full series here: Keeping the Lights On. (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.). Dozens of insurance companies have also filed suit. Updated And that should give Texans hope that they wont have to spend the summer digging survival bunkers and stocking up on batteries and trail mix. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Box 65, Fort Worth, TX 76101, natural gas production in Texas dropped significantly, recommendations from the Federal Energy Regulatory Commission. Prior to joining ERCOT, he served as Vice President of External Affairs for AEP Texas. Brad Jones, interim CEO of ERCOT, explains how the power grid partners with crypto mining facilities within Texas to manage energy demand. Greg Abbott. Mr. Black leads the organizations external communications, government affairs, and customer support and oversees communications with Texans, state agencies, and lawmakers. 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 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 spent years developing generation and working with regulators for TXU, and he spent years in top roles at ERCOT. They resigned because legislatively, we said, heres what were going to do. Potomac Economics, which monitors the state's power market, said in March that ERCOT kept market prices too high for more than a day after widespread outages ended. All quotes delayed a minimum of 15 minutes. Were bringing on more reserves in various situations where we see cold fronts come through, bringing on board reserves, and keeping those reserves on to make sure that if something unexpected happens, that we have those reserves available, Jones said. 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