The Electric Reliability Council of Texas (ERCOT) has one of those names you have to laugh at. Let’s be real and lose the ‘R’. So ERCOT hired themselves a new CEO. The last guy (Bill Magness) got shit-canned, officially without cause. We all know it was because of the winter grid failure of 2021. On his way out he rejected his $800K severance pay. Maybe he felt bad for the hundreds of people who died. Anyway they found a new fall guy for when it all happens again.
ERCOT cronies hired Ohio resident Pablo Vegas. Vegas comes from NiSource Inc. a fun place to work. In 2011 NiSource was criticized for spending $1.83 million on lobbying and not paying any taxes during 2008–2010, instead getting $227 million in tax rebates, despite making a profit of $1.4 billion.
This guy is gonna fit right in!
ERCOT is paying this new guy more than the last guy too so surely he won’t fuck everything up. $500,000 to relocate from Ohio and covering $100K of his taxes. That will get him a nice modest double wide I’m sure. We can only assume he will reside in Texas but ERCOT has shown us before that this is not actually a requirement. Once relocated, he will make $990,000 annually. As a bonus, Vegas will also receive an additional $6,680,000 over the next six years. That’s 6.68 MILLION.
Vegas additionally could reach a variety of payment-incentive benchmarks that could increase his pay EVEN MORE.
At least the job comes with the standard 200 hours of vacation time!
He should save it all for wintertime and go on a nice long Cruz.