ERCOT voted to give themselves substantial raises

[Mersky]

Last edited Thu Jun 29, 2023, 12:00 PM - Edit history (1)

Because ya know, got get it in now before the blackouts begin.

The PUC votes on whether to give it to them today. Haven’t heard of this going on til now? Yeah, same for this news hound. Well, I believe a single reporter on Houston’s local Fox station is the only coverage of this happening... possibly in the state:

Link to tweet

Good luck finding a public notice of this occurring on ERCOT or the PUC’s website, but here’s the proposal:

https://interchange.puc.texas.gov/Documents/54444_33_1305021.PDF


Editing to add the local report:

https://www.fox26houston.com/video/1241792

[Mersky]

1. And the bonus within that tweet

is the appointing of a tRump official to the ERCOT board. ETTD and so should her career in matters of public trust.

[TwilightZone]

2. First increase in 11 years.

There's a solid argument to be made that the increases are too substantial, but it sounds like some kind of reasonable increase was probably due.

Reading further into the proposal, it was provided by a third-party compensation consultant (Meridian) and approved by the Human Resources committee, per the ERCOT by-laws. Complaining that they "gave themselves a raise" seems a little silly when that's what the bylaws require. Context can be useful.

As an aside, it appears that only the director and chairs/vice-chairs get compensated, though I haven't been able to confirm. The proposal includes the relevant bylaws which only indicate that the director/chair are paid.

Breakdown of the increases (old/new):

Selected Director Base Compensation $87,000 / $160,000
Board Chair $12,800 / $35,000
Board Vice Chair $7,500 / $15,000
Board Committee Chair $5,600 / $25,000

[Mersky]

3. Considering the CEO of ERCOT & the Chair of the PUC are on the board

with a $990k base pay and $201k, respectively, I agree context matters. Add to that the chair of ERCOT is a billionaire and republican mega-donor, and you’ll start to see why some peon like me is interested in more transparency.

And ha, would I like to see their compensation changes require action on the part of our esteemed lege? You betcha.

[marble falls]

4. Isn't that special. Does she at least live in Texas?

[Mersky]

5. So it would seem

Prof at Rice, so there is that.

[marble falls]

6. ERCOT is a boondoggle.

[Mersky]

7. Yep.

One of the many anxiety-inducing institutions in ‘modern’ Texas riddled with conflicts of interest.

[Javaman]

8. they fuck up in 2021 they pass the costs on to the people.

they take that huge flush of money, not to fix the system, but to give themselves raises.

this is texas in a nut shell.