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. Power move: ERCOT appoints Brad Jones as interim president/CEO in wake of Magness termination by: Russell Falcon. You could change us.. The ERCOT board is deciding which of eight executive search firms that submitted proposals will handle the search for the permanent replacement, the organization said in a release. Brad Jones will fill the role in an interim capacity in early May. 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. March 11, 2021 / 3:16 PM / CBS DFW. And theres another point on Jones rsum that should give Texans confidence in him. 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. As Vice President of System Planning and Weatherization, Woody Rickerson oversees transmission planning, generator interconnection activities, training, and electric grid operations for the ERCOT region. 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. Box 13326, Austin, TX 78711-3326 Fax 512-936-7003 News Release Contact: Andrew Barlow March 11, 2021 media@puc.texas.gov Prior to joining ERCOT, she worked in hi-tech and healthcare industries. 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. Previously, Brad was a Director, Information Technol Read More 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. 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.. Read more about our editorial independence policyhere. 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. She is a former opinion editor on the editorial board and energy reporter for the business section. 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. Brad Jones will fill the role in an interim capacity in early May. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Brad Jones (born April 1, 1986) is famous for being football player. Too bad for New York, because a grid executive who can tether political ambitions to physical reality is an asset. Instead, Jones said in an interview with The Dallas Morning News that he will start by rebuilding trust. 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. More than 4 million Texas homes and businesses were without power over several days of bitter cold. Jones was formerly a top executive at ERCOT before leaving to head up the grid operator in New York. He brings the right combination of ERCOT knowledge and broad industry expertise needed to provide the stability and reliability that Texans expect and deserve.. Prior to working at LCRA, Mr. Taylor was a consultant performing mergers and acquisition advisory services at PricewaterhouseCoopers in New York City. I commend the ERCOT Board for confirming a leader of Brads caliber as interim CEO, said PUC Chairman Peter Lake in a release statement. The Commission named Adrianne Brandt director of ERCOT Inc. accountability, and former ERCOT COO Brad Jones will assist her in a consultant role, the PUC said March 11. 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. Mr. Rickerson brings a considerable amount of electric industry experience to his position, including more than 19 years at ERCOT in various roles. Jones has also previously served as president and CEO of the New York Independent System Operator from October 2015 to October 2018. Kristi Hobbs is ERCOTs Vice President of Corporate Strategy and PUC Relations. Magness is leaving as ERCOT faces a$2.5 billion shortfallin payments from retail power providers and others after electricity prices skyrocketed during the energy crisis. Prior to ERCOT, Mr. Vegas was Executive Vice President of NiSource, and Group President of NiSource Utilities, where he oversaw NiSources electric and gas business segments and championed outstanding service to NiSource customers. Vice President, Corporate Strategy and PUC Relations. I expect for that plan to be very specific and very aggressive, he said. Why would a CEO in his 50s retire? It crippled oil and gas production, and dozens of people died. Brad Jones is an Interim President & Chief Executive Officer at Ercot based in Taylor, Texas. 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.. Fri, Mar 18 2022 6:26 PM EDT. Tags electricity grid ercot Texas Legislature Texas power grid winter freeze. All quotes delayed a minimum of 15 minutes. Industry insiders will be pounding on his door, but he should seek counsel from consumers, city emergency officials, health professionals and environmental experts, too. The effect of being connected to another power grid would have been negligible during the storm, Jones said, because power supplies from the far east would have been consumed by states around Texas also experiencing electricity issues before it reached Texans. April 27, 2021 Updated: April 27, 2021 6:24 p.m. 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. 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. 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. ERCOT ousted Bill Magness as CEO in March after a February winter storm caused widespread blackouts across Texas, a state unaccustomed to extreme cold, leaving residents without heat, power or water for days. 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. 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 TPR was founded by and is supported by our community. Jones defended the design of Texas electricity market and power grid. He said ERCOT and Brad Jones have roles to play as messengers, but that they alone cannot prevent another power failure. (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.). Brad Jones, Ercots interim chief executive officer, is aware hes walking a fine line. All of those members lived out of state, records show. The Electric Reliability Council of Texas' board of directors on Tuesday appointed Brad Jones as interim president and CEO. 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. Dr. Tamby has more than 25 years of experience in the electric power industry, including about 15 years in leadership roles. Pablo Vegas joined ERCOT in October 2022 as President and CEO. WebAs of 2022, Brad Joness net worth is $100,000 - $1M. Mr. Woodfin has over 30 years of experience in the electric power industry, including leadership positions in both system planning and system operations for ERCOT. 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 comes to the Bayou City after Let the Houston Public Media newsroom help you start your 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. 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. There will be times that we need to speak frankly at ERCOT about what needs to occur to preserve reliability.. Mara Spak is Vice President of Human Resources at ERCOT. He currently resides in Lansing. Jones will assist Adrianne Brandt, the agencys new director, in her new role. Your subscription will be migrated over. RELATED: Death toll from Texas winter storms rises once more to 125 people, D-FW victims now total 12. 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). The Texas legislature oversees all of the organizations, and its efforts to mandate weatherization have stalled. Board members voted 6-1, with two abstaining, in favor of serving Magness with his notice. 2005-2022 Community Impact Newspaper Co. All rights reserved. Houston Public Media is supported with your gifts to the Houston Public Media Foundation and is licensed to the University of Houston. Third is better dialogue on needed technical changes in the power market and ERCOT. Mr. gelman served as Chairman of the ERCOT Technical Advisory Committee from 2011 to 2013. 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But some of the biggest threats to the grids stability are outside of ERCOTs control. 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. Im not sure being connected to a bigger grid would actually have less chance of causing a problem, Capriglione said. The development of those rules was really done by a broad group of diverse participants in the marketplace, including consumers, Jones said. That represents money owed by wholesale buyers to power generators who sold electricity at the market cap rate during the freeze. 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. read more. Brad Jones, the interim chief executive of the Electric Reliability Council of Texas, has been a busy man since taking over the troubled agency last May. ERCOTs previous chief executive was fired following the storm, and every commissioner serving on the Public Utility Commission resigned as well, Jones said. 2023 Fortune Media IP Limited. 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. He has lived in Austin since 2002 and is happily married with two daughters. Before joining ERCOT, Mr. Taylor spent seven years in the finance department at the Lower Colorado River Authority. 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. That included more inspections and assurances from power companies that they were adequately preparing their facilities for winter weather. They resigned because legislatively, we said, heres what were going to do. RELATED: Terminated ERCOT CEO says he won't seek or accept severance pay. He didnt immediately respond to a LinkedIn message. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Prior to joining ERCOT, she was with Central Maine Power as part of a core team to implement market deregulation in Maine. 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?. Her position is supported by a grant fromthe Marilyn Brachman Hoffman Foundation. She has over 20 years of experience in the electric industry. 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. Jones was once Ercots chief operating officer, and is a Texan. He is a licensed CPA in Texas and New York and a Chartered Financial Analyst Charterholder. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 4:49 PM Mar 11, 2021 CST, Three weeks after the the state's power grid failed leaving millions of Texans without power amid freezing temperatures, the Public Utility Commission of Texas named Adrianne Brandt as the agency's new director of ERCOT accountability in a news release March 11. 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. 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're in the process of transitioning services for our Today in Houston newsletter. Were going to have all new board members, theyre going to meet a certain criteria, theyre going to be able to make tough decisions on the spur of the moment.. The so-called passport program will increase the reliability of renewable energy through battery storage, among other initiatives. 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. (Courtesy Public Utility Commission of Texas), Editor, Spring/Klein & Lake Houston/Humble/Kingwood. Jones has been to many rodeos. WebIf the problem persists, contact the ERCOT Service Desk at ServiceDesk@ercot.com or 1-866-870-8124. 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. He graduated from South Texas College of Law in 2002 and earned awards in South Texas esteemed advocacy program. Second, he plans to improve communication. 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. Brad Jones of Liberty Hill is the Interim CEO of ERCOT. He played a key role in the development of ERCOT energy and market systems, as well as risk management and strategic planning. When industry insiders were creating the first protocols for the Texas grid operator, veteran energy executive Brad Jones was at the table. On one hand, there have been six times in the past year that using RUCs have enabled the operator to avoid declaring grid emergencies. August 8, 2022 Executive Employment Agreement. Get smart opinions on the topics North Texans care about. 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. read more. Ms. Spak has more than 15 years of extensive experience in human resources at diverse corporate entities. The board gave Bill Magness a 60-day termination notice at the beginning of March. Mr. Taylor is a veteran of the U.S. Army, where he served as a forward observer. DETAILS BELOW. WebPublic Utility Commission of Texas 1701 N. Congress, P.O. First, he said, ERCOT needs stabilizing, the company itself and the market participants. By signing up you agree to our Terms of Service and Privacy Policy, Stand with us in our mission to discover and uncover the story of North Texas, The new ERCOT CEO wants to rebuild your trust in the Texas electricity grid, About half-million North Texans lose extra food benefits, Mall owner backs out of plans for paid parking at D-FW shopping center, D-FW under severe thunderstorm watch until noon as quick-moving storm hits region, Frisco trustee goes to conservative radio to defend transgender harassment accusation, Dallas police chief fires officer accused of inappropriate force, suspends different cop, Sean Menke, CEO of Southlake-based travel tech firm Sabre Corp., stepping down, Eli Lilly cuts insulin prices in move to make diabetes medicine more affordable, Texas urges five big pension funds to cut off financial firms boycotting fossil fuels, Shermans semiconductor hub attracts massive land buy for home development, Marriott fires back at Michael Irvins request for expedited evidence in $100M lawsuit, Mexicos democracy is in danger, and we could all pay the price, Conservative groups target American Airlines racial hiring efforts, NFL owners ask Jerry Jones to broker deal with Dan Snyder on Commanders sale, report says. 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ERCOT doesnt have the power to mandate major changes. Notifications can be turned off anytime in the browser settings. So far, 125 deaths across the state have been attributed to the storm and power outage. He graduated from Boston University in 1987 with a BA in international relations. 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. All rights reserved. The commission is in the process of establishing new bylaws that could alleviate those issues, he added. **Please note** If you are already signed up for the newsletter, you do not need to sign up again. 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. AUSTIN, Texas Updated at 5:27 p.m. with a statement from the interim CEO. Businesses are coming here, more people are moving to Texas, so we have to continue to grow, Jones said. Jones will serve beginning May 4. 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. 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. Join others and make your gift to Houston Public Media today. Jones should listen to a range of voices on improving reliability. 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. However, Magness has told Ercots board he wont seek or accept a severance, according to a statement. By Hannah Brol 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. There is no recent news or activity for this profile. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Jones, who worked for Texas energy companies and in senior roles at ERCOT before leading New York states power grid operator as president, takes 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. Hannah covers education, local government, transportation, business, real estate development and nonprofits in these communities. He wasnt ready to say if he is leaning to one idea or another. The plan will put ERCOT on a solid foundation for providing reliable electric service year-round," Jones said in part. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Prior to joining ERCOT, he served as Vice President of External Affairs for AEP Texas. "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. Before joining AEP, Mr. Black served as Texas Governor Rick Perrys Press Secretary and Communications Director from 2003-2008, and also worked as a Senior Communications Advisor for Greg Abbott during his 2002 and 2014 campaigns, respectively. From the impact of the growing electric vehicle market on the grid to the legislative actions taken after Winter Storm Uri, Jones said, ERCOT is preparing generators to provide enough power for a booming population amid weather challenges. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. It was championed by Magness, who is leaving just as the first stages are rolled out. Contact herby emailor viaTwitter. 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. Robert Black joined ERCOT as Vice President of Public Affairs in November 2022 with more than three decades of political and government experience. 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." Powered and implemented by Interactive Data Managed Solutions. See here for a complete list of exchanges and delays. 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. Offers may be subject to change without notice. LinkedIn has officially entered its cringe era, and its working. The scene in North Austin on Feb. 16, 2021, following the devastating winter storm. Example video title will go here for this video. Industry veteran Brad Jones is taking over as interim president and CEO of the She is also responsible for ERCOT Market Rule development and facilitating the ERCOT stakeholder process. Dominic Anthony Walsh covers education & families for Houston Public Media's enterprise team. 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. 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. Our Standards: The Thomson Reuters Trust Principles. 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. Get highlights, trending news, and behind-the-scenes insights from Houston Public Media delivered to your inbox each week. He was active with the Texas Reliability Entity, Edison Electric Institute and the FutureGen Industrial Alliance. Jones was formerly a top executive at ERCOT before leaving to head up the grid operator in New York. Vice President, Security & Compliance and Chief Compliance Officer. Peak demand for electricity during the freeze reached nearly 10 megawatts above what ERCOT forecast. During her tenure at ERCOT,she has served in various roles focused on developing relationships both internal and external to the organization. Mr. Taylor has more than 20 years of finance experience in various roles. 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. 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