Fired ERCOT leader refuses more than $800,000 severance pay in storm aftermath ERIN DOUGLAS, The Texas Tribune March 5, 2021 FacebookTwitterEmail Bill Magness, the Electric Reliability Council of Texas CEO who was terminated by his board Wednesday, said he will not seek or accept severance pay, according to a spokesperson. He would have been owed more than $800,000, his contract shows. The board for the nonprofit entity that operates and manages the electricity grid that covers much of Texas voted Wednesday in favor of his 60-day termination notice. Magness was terminated without cause, a spokesperson said. According to the terms of his employment contract, his severance pay would have been equivalent to one year of his current base salary, which is more than $800,000.