Vegas was named CEO in August, replacing interim CEO Brad Jones, who took the helm after...
Gaelen Morse/ContributorPablo Vegas, the recently named CEO of the state's grid manager, said his focus will be restoring trust and confidence in a power system that failed in the winter of 2021, struggled through record-breaking demand in the summer of 2022, and faces more challenges as electricity consumption grows with the state's population, further stretching generation.
ERCOT, a private nonprofit supported by fees charged to buyers and sellers of wholesale power, will pay Vegas a $990,000 base salary, along with a one-time payment of $247,000 and up to $420,000 annually as part of a short-term incentive program. Vegas is no stranger to Texas, though. He was the head of American Electric Power, or AEP Texas, for years before leading that company's Ohio division and eventually becoming president of NiSource, a utility with operations in six states.
In the meantime, he plans to continue practices instituted by interim Jones. Among them is ERCOT's more conservative operating posture, paying "We have to continue to support reliability," he said."The market redesign is going to address some of the longer-term issues associated with why we have to do the conservative operations today. But in the interim, reliability has to be at the forefront of what we do, and we're always going to try to be as efficient as we can be within the operating parameters we have."
rising from 12,791 megawatts in August to as much as 29,174 in January 2024. One megawatt is enough electricity to power about 200 homes on a hot summer day.
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