brad jones ercot net worth

Prior to joining NiSource, Mr. Vegas held a variety of senior executive positions with American Electric Power (AEP), including President and Chief Operating Officer of AEP Ohio, President and Chief Operating Officer of AEP Texas, and Vice President and Chief Information Officer of AEP. He played a key role in the development of ERCOT energy and market systems, as well as risk management and strategic planning. Our Standards: The Thomson Reuters Trust Principles. The plan will put ERCOT on a solid foundation for providing reliable electric service year-round," Jones said in part. At that rate, ERCOT might finally be finished paying for this years outages by the end of the century. Vice President, System Planning and Weatherization. Other companies went bankrupt and continue to struggle because their power plants shut down because of the low temperatures, he added. Jones will serve beginning May 4. 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. In a post-storm legislative hearing, Magness responded to one lawmaker who asked, How can we do better? by saying, Yall made us. Brad Jones, interim CEO of ERCOT, explains how the power grid partners with crypto mining facilities within Texas to manage energy demand. 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. Magness hasdefendedthe grid operators decision to call for the largest forced poweroutagein U.S. history, saying Texas came within seconds and minutes of catastrophic grid failures. He plans to do this by talking to electricity companies, regulators and lawmakers to understand what they need, and, in the next month, presenting a 100-day plan. Brad Jones, Ercots interim chief executive officer, is aware hes walking a fine line. First, he said, ERCOT needs stabilizing, the company itself and the market participants. 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. Jones comes to ERCOT at a pivotal juncture not just because of the fallout from the winter outages, but also because of a slate of major new programs and market rules designed to modernize the grid. Read more about our editorial independence policyhere. Haley Samsel is the environmental reporter for the Fort Worth Report. 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 served as a versatile executive at NiSource for six years, holding numerous roles, including Chief Operating Officer, Executive Vice President and President of Columbia Gas Group, and Chief Customer Officer. 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. Better known as ERCOT, the nonprofit organization is responsible for managing the states electricity grid under the supervision of the Public Utility Commission, whose commissioners are appointed by Gov. This years storm was far worse, and ERCOT needs to look at weatherization planning. 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. The industry leader for online information for tax, accounting and finance professionals. 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. While Jones was in New York, Gov. He is currently responsible for the strategic vision, planning, and leadership of the Finance, Human Resources, Enterprise Architecture, Market Rules and Stakeholder Support, Project Management, Strategic Planning, Enterprise Risk Management, Portfolio Management, and Business Continuity functions. 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. ERCOT is a council of experts and executives from across the energy spectrum, including power generators, electricity retailers, natural gas pipeline operators, big, corporate consumers, and academics. Only three facilities this year failed to meet ERCOTs expectations for winter preparations, Jones told the town hall audience. Brad Jones will fill the role in an interim capacity in early May. 4:45 PM Mar 11, 2021 CST He was active with the Texas Reliability Entity, Edison Electric Institute and the FutureGen Industrial Alliance. Enough jargon, he said, we have to speak in very clear terms.. I expect for that plan to be very specific and very aggressive, he said. Before joining ERCOT, Mr. Taylor spent seven years in the finance department at the Lower Colorado River Authority. Powered and implemented by Interactive Data Managed Solutions. The commission is in the process of establishing new bylaws that could alleviate those issues, he added. 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. Prior to joining ERCOT, Mr. Seely was an attorney at the Texas Department of Insurance, working on enforcement matters against insurance agents and companies before the State Office of Administrative Hearings (SOAH) and the Commissioner of Insurance. 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. Texas Governor Greg Abbott had called for board members and other leaders to step down in the wake of the crisis. 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 senior vice president and chief operating officer. 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. On Tuesday night, Jones tuned in virtually for a town hall with voters and Republican officials based in Tarrant County. In her role, Ms. Spak oversees all people functions at ERCOT and develops and oversees strategic human resource planning to provide the company with the best talent while also positioning ERCOT as a premier employer. ERCOT, still reeling from criticism over its handling of the record winter freeze, announced last week that it hired Jones, 58, as interim chief executive for up to one year as the company conducts a search for a permanent leader. AUSTIN, Texas Updated at 5:27 p.m. with a statement from the interim CEO. Before his career in the regulated utility industry, Mr. Vegas served in senior leadership positions with IBM, PricewaterhouseCoopers, and Andersen Consulting. 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 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. Resources like these are made possible by the generosity of our community of donors, foundations, and corporate partners. 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. 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. (Courtesy Public Utility Commission of Texas), Editor, Spring/Klein & Lake Houston/Humble/Kingwood. At this point, Jones said there are three components to his trust plan. Jones was formerly a top executive at ERCOT before leaving to head up the grid operator in New York. 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. Elizabeth Souder. 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. Notifications can be turned off anytime in the browser settings. Brad Jones is an Interim President & Chief Executive Officer at Ercot based in Taylor, Texas. The agency previously conducted about 80 in-person inspections per year, according to NBC DFW. On one hand, there have been six times in the past year that using RUCs have enabled the operator to avoid declaring grid emergencies. While with NiSource, he was also chairman on the board of directors for One Columbus and a board of trustees member for the American Gas Foundation. Prior to joining ERCOT, he served as Vice President of External Affairs for AEP Texas. 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, Executive Employment Agreement between ERCOT and Pablo Vegas, Texas Tribune Request for Employment Contracts with ERCOT Interim CEO Brad Jones, Resource Integration & Ongoing Operations Resource Services. We manage the flow of electric power to more than 26 million Texas customers -- representing 90 percent of the state's Terms & Conditions. Esto es lo que necesita saber para esta semana. 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. Texans can be confident that the grid is more prepared than ever before, he added. 1996-2023 Electric Reliability Council of Texas, Inc. All rights reserved. Brad Jones Summary Overview CB Rank (Person) 23,869 Primary Job Title Senior Vice President and Chief Operations Officer Primary Organization ERCOT Gender Dan Woodfin is ERCOTs Vice President of System Operations. 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. Jones was once Ercots chief operating officer, and is a Texan. Magness has maintained that ERCOT performed well during the energy crisis, and that the Public Utility Commission and state legislature hold most of the power when it comes to mandating grid resiliency. By Hannah Brol 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. Prior to joining ERCOT in October 2015, Mr. gelman served as the Director of Energy Market Policy for CPS Energy. Join others and make your gift to Houston Public Media today. WebHis previous experience within ERCOT includes serving as Chief of Staff and as Interim Chief Operating Officer. 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. 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. 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. Ms. Spak has more than 15 years of extensive experience in human resources at diverse corporate entities. Jones should listen to a range of voices on improving reliability. She is also responsible for ERCOT Market Rule development and facilitating the ERCOT stakeholder process. Fort Worth Business Press He released a statement following the announcement on Tuesday, saying he would "work to restore ERCOT's reputation as that reliable and trustworthy driver of our grid and the economy.". The development of those rules was really done by a broad group of diverse participants in the marketplace, including consumers, Jones said. Brad Jones will fill the role in an interim capacity in early May. More than 4 million Texas homes and businesses were without power over several days of bitter cold. Previously, she spent nine years with East Kentucky Power Cooperative in the areas of load forecasting, load research, and market research. Electric companies that failed during the storm were held financially responsible for their mistakes through the multibillion dollar losses they suffered, Jones said. By, How the ongoing drought impacts the Hill Country, Gulf of Mexico warming at faster rate than global ocean, study finds, Bills make their way to committees at the Capitol this week, the first step toward possible passage, Why hurricanes feel like they're getting more frequent. He also served as the president and CEO of the New York Independent System Operator from October 2015 to October 2018. The board of directors gave CEO Bill Magness a 60-day termination notice in early March, weeks after the deadly storm. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. Mr. Rickerson brings a considerable amount of electric industry experience to his position, including more than 19 years at ERCOT in various roles. He is a member of the Board of Directors of the North American Transmission Forum and has served on various committees of NERC. At least 111 Texans died as a result of the disaster, according to numbers released in March by the Department of State Health Services. 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 graduated from Boston University in 1987 with a BA in international relations. 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. "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. 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. WebAs of 2022, Brad Joness net worth is $100,000 - $1M. The Texas Public Utility Commission chair followed suit March 1. After so many angry Texans became armchair electricity experts on social media during the February freeze, this state could use some tethering to reality. Ercots chair and four other directors resigned Feb. 23, while two other board members resigned in the following days. Ms. Day joined ERCOT in 2000 and has more than 30 years of experience in the electric power industry. Find the full series here: Keeping the Lights On. Mr. gelman served as Chairman of the ERCOT Technical Advisory Committee from 2011 to 2013. 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. Peak demand for electricity during the freeze reached nearly 10 megawatts above what ERCOT forecast. 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 According to his LinkedIn page, he left for retirement after three years. There were a lot of channels, and we simply werent doing a good job, he said of the companys communications efforts during the freeze. ERCOTs previous chief executive was fired following the storm, and every commissioner serving on the Public Utility Commission resigned as well, Jones said. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Mr. Black holds a bachelors degree from the University of Texas at San Antonio. FORTUNE may receive compensation for some links to products and services on this website. Power move: ERCOT appoints Brad Jones as interim president/CEO in wake of Magness termination by: Russell Falcon. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Gas is a very protected and treasured resource within the Texas economy and the Texas politics, so you have to pick your battles, Cramton said. 2005-2022 Community Impact Newspaper Co. All rights reserved. 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. The interim CEO of the Electric Reliability Council of Texas (ERCOT) has publicly revealed hes pro-Bitcoin. We had a list from our Legislature within months We had most of the issues that the (federal commission) identified already resolved by the time they identified them.. What I intend to do here at ERCOT is the very same thing, Jones said of his experience in New York. MacKenzie Sigalos. 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. 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. Industry veteran Brad Jones is taking over as interim president and CEO of the 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. 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. The board gave Bill Magness a 60-day termination notice at the beginning of March. Some Texans want ERCOT to be held legally liable for the outages and the resulting billions of dollars in damage to homes and businesses. Jones was formerly a top executive at ERCOT before leaving to head up the grid operator in New It was championed by Magness, who is leaving just as the first stages are rolled out. The Electric Reliability Council of Texas hired an old hand as its interim chief executive. Creating the original set of protocols that everyone could live with was surely good training for updating those protocols now. Magness is leaving as ERCOT faces a $2.5 See here for a complete list of exchanges and delays. Jones was formerly a top executive at ERCOT before leaving to head up the grid operator in New York. During his time at Siemens, he served as the Lead Architect for delivering mission-critical solutions to ISO/RTOs, like PJM and CAISO. Jones comes on board at a time of intense scrutiny for the grid operator, following the February winter storm and power outages that affected the entire state. Jones' appointment is effective May 4, and will last until the position is filled, up to a year, according to ERCOT. 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. He has a long history of service in both the electric and gas industries. 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. To View The Rest of This Article Please Visit kvue.com 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. He acknowledged that the matter of $3 billion in unpaid bills for power market trades will need to be settled. Houston Public Media is supported with your gifts to the Houston Public Media Foundation and is licensed to the University of Houston. Mara Spak is Vice President of Human Resources at ERCOT. 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? Hancock, who represents portions of Tarrant and Dallas counties, said. He didnt immediately respond to a LinkedIn message. Dominic Anthony Walsh can be reached at [email protected] and on Twitter at @_DominicAnthony, Texas Public Radio | But some of the biggest threats to the grids stability are outside of ERCOTs control. Robert Black joined ERCOT as Vice President of Public Affairs in November 2022 with more than three decades of political and government experience. 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. 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. 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. Jones has also Unlike other states, which are connected to power grids on either the western or eastern side of the country, electricity in Texas is generated and used only within state lines. She earned bachelors degrees in mathematics and physics from Berea College in Kentucky and attended graduate school at the University of Kentucky. Hannah covers education, local government, transportation, business, real estate development and nonprofits in these communities. 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 And theres another point on Jones rsum that should give Texans confidence in him. Board members voted 6-1, with two abstaining, in favor of serving Magness with his notice. Clima en Dallas Fort Worth ahora: Desde clima clido hasta fuertes tormentas. Offers may be subject to change without notice. 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. 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. Previously, Mr. gelman worked as a Senior Economist for the Texas Office of Public Utility Counsel, which represents residential electric consumers in Texas, from 1997 to 2007. April 27, 2021 Updated: April 27, 2021 6:24 p.m. Reporter for the Fort Worth ahora: Desde clima clido hasta fuertes tormentas trades will need to very... Than 4 million Texas homes and businesses NBC DFW Council of Texas, Inc. All rights reserved as well risk... Links brad jones ercot net worth products and services on this website Affairs in November 2022 with more than three of... Termination notice in early May of the board of directors of the century issues, he added brad jones ercot net worth. Industry experience to his position, including consumers, Jones tuned in for! Is aware hes walking a fine line brad Joness net Worth is $ 100,000 $. And Andersen Consulting hearing, Magness responded to one lawmaker who asked, How can we do better of... Jones said the North American Transmission Forum and has more than 4 Texas... Resigned Feb. 23, while two other board members voted 6-1, with two abstaining, favor! At diverse corporate entities there are three components to his position, including,... An old hand as its interim chief executive officer, is aware walking. The U.S. and other leaders to step down in the electric Reliability Council of Texas San. Jones as interim chief operating officer, is aware hes walking a fine line in. For winter preparations, Jones said there are three components to his position, including consumers, Jones said are. Conducted about 80 in-person inspections per year, according to NBC DFW school the. Losses they suffered, Jones said there are three components to his trust.! Statement from the interim CEO of the North American Transmission Forum and has than... Texas ( ERCOT ) has publicly revealed hes pro-Bitcoin Utility industry, Mr. Taylor seven... 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