Magnessjoined Ercotin 2010, and hes led the grid operator since 2016. That represents money owed by wholesale buyers to power generators who sold electricity at the market cap rate during the freeze. Resources like these are made possible by the generosity of our community of donors, foundations, and corporate partners. 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. Too bad for New York, because a grid executive who can tether political ambitions to physical reality is an asset. 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. Jones has also She is also responsible for ERCOT Market Rule development and facilitating the ERCOT stakeholder process. The Texas Public Utility Commission chair followed suit March 1. He comes to the Bayou City after Let the Houston Public Media newsroom help you start your day. 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 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. The states utilities cant expect a once-in-100-year storm every year, but ERCOT must ensure its ready for the next one, Jones said. Brad Jones Summary Overview CB Rank (Person) 23,869 Primary Job Title Senior Vice President and Chief Operations Officer Primary Organization ERCOT Gender Why would a CEO in his 50s retire? 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. 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. Industry veteran Brad Jones is taking over as interim president and CEO of the And he said an important component of better communications is better relationships with the Public Utility Commission, the Texas Division of Emergency Management, the Railroad Commission, which regulates production of natural gas often used in power generation, and others. Powered and implemented by Interactive Data Managed Solutions. 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. Ms. Spak has more than 15 years of extensive experience in human resources at diverse corporate entities. 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. 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. Senior Vice President, General Counsel and Corporate Secretary. 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. "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. Brad Jones is an Interim President & Chief Executive Officer at Ercot based in Taylor, Texas. Magness is being terminated without cause, a spokesperson said, making him eligible for a severance of one-years current salary, according to his employment agreement. Prior to joining ERCOT in October 2015, Mr. gelman served as the Director of Energy Market Policy for CPS Energy. 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Jones should listen to a range of voices on improving reliability. He has a long history of service in both the electric and gas industries. According to the release, Brandt will be assisted by fellow Texan Brad Jones, who previously served as chief operations officer of ERCOT. 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. The Electric Reliability Council of Texas Board of Directors has selected Brad Jones to serve as interim president and CEO. 1996-2023 Electric Reliability Council of Texas, Inc. All rights reserved. Jones most recent job was chief executive of the New York Independent System Operator, which, similar to ERCOT, operates the New York state electrical grid. TPR was founded by and is supported by our community. When industry insiders were creating the first protocols for the Texas grid operator, veteran energy executive Brad Jones was at the table. Jones was formerly a top executive at ERCOT before leaving to head up the grid operator in New York. 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. 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. 2023 Fortune Media IP Limited. He acknowledged that the matter of $3 billion in unpaid bills for power market trades will need to be settled. Brad Jones will fill the role in an interim capacity in early May. 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. There were a lot of channels, and we simply werent doing a good job, he said of the companys communications efforts during the freeze. 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. The unprecedented outages caused as much as $129 billion in economic losses. Energy Companies With More Than 500 Employees, Energy Companies With Less Than $50M in Revenue (Top 10K), Energy Companies With Less Than $1B in Revenue (Top 10K), Energy Companies With Less Than $10M in Revenue (Top 10K), Energy Companies With More Than $1M in Revenue (Top 10K), Energy Companies With More Than 50 Employees (Top 10K), Energy Companies With More Than 10 Employees (Top 10K), Energy Companies With More Than 100 Employees, Energy Companies With Less Than $500M in Revenue (Top 10K). 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. He didnt immediately respond to a LinkedIn message. Our Standards: The Thomson Reuters Trust Principles. Other companies went bankrupt and continue to struggle because their power plants shut down because of the low temperatures, he added. Trust with electricity companies, trust with lawmakers, and trust, most crucially, with regular Texans. Mr. Taylor has a BBA from the University of Michigan. P.O. It should give you great confidence that were managing this grid in a much more reliable way.. She is a former opinion editor on the editorial board and energy reporter for the business section. Box 65, Fort Worth, TX 76101, natural gas production in Texas dropped significantly, recommendations from the Federal Energy Regulatory Commission. Jones, who worked for Texas energy companies and in senior roles at ERCOT before leading New York states power grid operator as president, takes 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. Iconic German restaurant in Fort Worth closing doors after 56 years, Enough | Black MENtal Health: Shedding light on asking for help, finding community and resources, Thunderstorms develop in North Texas: Latest radar, timeline here. Prior to joining ERCOT, she worked in hi-tech and healthcare industries. Jones responded that meeting this goal would require an enormous investment in 1,000 miles of transmission lines, which could take many years to build. 05:24. 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. 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. FORTUNE may receive compensation for some links to products and services on this website. 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. 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. Power move: ERCOT appoints Brad Jones as interim president/CEO in wake of Magness termination by: Russell Falcon. 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. Electric companies that failed during the storm were held financially responsible for their mistakes through the multibillion dollar losses they suffered, Jones said. Mr. gelman served as Chairman of the ERCOT Technical Advisory Committee from 2011 to 2013. Get smart opinions on the topics North Texans care about. Vice President and Chief Financial Officer. You could change us.. 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. It should give you great confidence that were managing this grid in a much more reliable way. Brad Jones, Ercots interim chief executive officer, is aware hes walking a fine line. 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Magness is leaving as ERCOT faces a $2.5 His experience with the electric industry in the United States and Canada, as well as Kosovo, Afghanistan, and sub-Saharan Africa, has provided Dr. Tamby with broad leadership and technical experience, including system operations, market design and implementation, enterprise architecture, and international development and corporate management. Andrew Cuomo set out an ambitious goal to shift power generation in the state to 50% renewable by 2030. If past experience is any indication of future performance, he will. If you'd like to sign up now, fill out the form below and we will add you as soon as we finish the transition. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The interim CEO of the Electric Reliability Council of Texas (ERCOT) has publicly revealed hes pro-Bitcoin. Dow and X-energy to build U.S. Gulf Coast nuclear demonstration plant, Greta Thunberg detained by Norway police during pro-Sami protest, Exclusive: Biden administration to move on Midwest ethanol-blended gasoline rule this week -sources, Western US cities vote to move ahead with novel nuclear power plant, Concerns about prospects of COVID vaccine maker Novavax sink shares, How Elon Musk has missed his targets on delivering affordable cars, Chevron CEO does not rule out consolidation among oil majors, Rivian shares fall as supply chain snarls hamper production forecast, Oil slips as rising supplies balance Chinese demand hopes, Exclusive news, data and analytics for financial market professionals, EU should relax criteria for energy aid, says German government paper. read more. In 2019, Ms. Spak was promoted to Senior Director of Human Resources at ERCOT and was responsible for all Human Resource functions and programs. Vice President, System Planning and Weatherization. Jayapal Parakkuth has over 25 years of experience in successfully visualizing, designing, and implementing software solutions to various aspects of power system grid control. Third is better dialogue on needed technical changes in the power market and ERCOT. After so many angry Texans became armchair electricity experts on social media during the February freeze, this state could use some tethering to reality. Offers may be subject to change without notice. Jones will assist Adrianne Brandt, the agencys new director, in her new role. Jones will serve beginning May 4. More than 400 Texans have filed 170 lawsuits against utility companies and ERCOT over the blackouts that killed hundreds of people over the course of a week. All of those members lived out of state, records show. A licensed professional engineer, Mr. Rickerson has worked for utilities in Texas, Arizona, and New Mexico. 2005-2022 Community Impact Newspaper Co. All rights reserved. Jones' appointment is effective May 4, and will last until the position is filled, up to a year, according to ERCOT. Some Texans want ERCOT to be held legally liable for the outages and the resulting billions of dollars in damage to homes and businesses. Clima en Dallas Fort Worth ahora: Desde clima clido hasta fuertes tormentas. The board of directors gave CEO Bill Magness a 60-day termination notice in early March, weeks after the deadly storm. RELATED: Death toll from Texas winter storms rises once more to 125 people, D-FW victims now total 12. 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.. Dr. Tamby has a bachelors degree in electrical engineering from Anna University in India, and masters and doctorate degrees in electrical engineering from Queens University in Canada. He wasnt ready to say if he is leaning to one idea or another. Brad Jones, UT Arlington alumnus, will be working on ERCOT accountability at the Public Utility Commission of Texas, The Texas Energy Report, KVUE ABC 24 and KTVT CBS 11 reported. All Rights Reserved. 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. If Ercot cannot come up with financing to cover the underpayments, the debt could end up being shared by everyone in the Texas market, including consumers. Brad Jones, ERCOT's interim CEO, in a statement said he "welcomes these highly qualified leaders, their expertise and insights into our relentless pursuit of grid reliability." 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. Industry insiders will be pounding on his door, but he should seek counsel from consumers, city emergency officials, health professionals and environmental experts, too. This caused some friction with the governors office, and Jones soon returned to Texas. 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. WebHis previous experience within ERCOT includes serving as Chief of Staff and as Interim Chief Operating Officer. 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. Mrs. Hobbs graduated from Texas A&M University in 1998 with a BS in agribusiness and earned an MSc in agricultural economics from Texas A&M University in 2000. Prior to joining ERCOT, she was with Central Maine Power as part of a core team to implement market deregulation in Maine. During her tenure at ERCOT,she has served in various roles focused on developing relationships both internal and external to the organization. He was active with the Texas Reliability Entity, Edison Electric Institute and the FutureGen Industrial Alliance. In 2001, he was presented with the Commissioners Award by the Public Utility Commission of Texas in recognition of his leadership of those committees.Brad formerly served on the Board of Directors of the Gulf Coast Power Association, the Austin area March of Dimes, and is currently on the Board of the Atlas Scholars.Brad received a bachelors degree in mechanical engineering from Texas Tech University in 1986 and a masters degree in business administration from the University of Texas at Arlington in 1991. Jones was once Ercots chief operating officer, and is a Texan. Board members voted 6-1, with two abstaining, in favor of serving Magness with his notice. Second, he plans to improve communication. He currently resides in Lansing. Mr. Seely also oversees the ERCOT Reliability Monitor function which assesses ERCOT and ERCOT Market Participant compliance with Texas electric reliability laws under the direction of the Public Utility Commission of Texas. During a cold spell earlier this month, natural gas production in Texas dropped significantly, but ERCOT did not report any significant power outages. MacKenzie Sigalos. The board gave Bill Magness a 60-day termination notice at the beginning of March. First, he said, ERCOT needs stabilizing, the company itself and the market participants. Her position is supported by a grant fromthe Marilyn Brachman Hoffman Foundation. Fort Worth Business Press Even after it covers some of that debt by using $800 million in revenues from another market, there remains a nearly $1.7 billion deficit. If you value our commitment to the highest standards of responsible journalism and are able to do so, please consider making your gift of support today. He knows that all potential solutions building more plants, re-regulating the industry, fundamentally changing the market to favor more capacity, building more power lines also present serious challenges. That included more inspections and assurances from power companies that they were adequately preparing their facilities for winter weather. 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. He played a key role in the development of ERCOT energy and market systems, as well as risk management and strategic planning. Mr. Seely grew up in Irving, Texas, and received Bachelor of Arts degrees in Political Science and French from Texas Tech University in 1999. This article was originally published byFort Worth Report. Before joining ERCOT, Mr. Taylor spent seven years in the finance department at the Lower Colorado River Authority. 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. 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. Posted: Apr 27, 2021 / 02:41 PM CDT. Brad Jones will fill the role in an interim capacity in early May. Jones was formerly a top executive at ERCOT before leaving to head up the grid operator in New York. Prior to joining ERCOT, he served as Vice President of External Affairs for AEP Texas. The scene in North Austin on Feb. 16, 2021, following the devastating winter storm. At that rate, ERCOT might finally be finished paying for this years outages by the end of the century. 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. He is a former board member of March of Dimes, Gulf Coast Power Association, Atlas Scholars, and St. Peters Health Partners. 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. Dan Woodfin is ERCOTs Vice President of System Operations. Brad Jones, interim CEO of ERCOT, explains how the power grid partners with crypto mining facilities within Texas to manage energy demand. 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