Pablo Vegas confirmed as new ERCOT President and CEO

by Kelso King, Grid Monitor | Source: Grid Monitor | Posted 08/16/2022

Related meeting(s):

08/16/22 - ERCOT - Board of Directors Meeting

10/13/22 - PUCT - Press Conference

Keyword Tags: ERCOT CEO Pablo Vegas ERCOT Board AEP Texas

The ERCOT Board of Directors held an urgent meeting on August 15, 20022, selecting Pablo Vegas as the new President and CEO of ERCOT beginning October 1, 2022. Mr. Vegas was previously President and CEO of AEP Texas.

ERCOT Board Chair Paul Foster, PUCT Chair Peter Lake and PUCT Commissioners Will McAdams, Lori Cobos and Jimmy Glotfelty praised the selection of Mr. Vegas and expressed their deep appreciation to Brad Jones for his exceptional work as the Interim CEO of ERCOT.

Mr. Vegas will receive an annual base salary of $990,000 and a one-time lump-sum payment of $247,500 before December 31, 2022. In addition, Mr. Vegas shall be eligible to receive an annual short-term incentive payment with a target 100% of his base salary and long-term incentive payment with a target of $420,000, for achieving key performance indicators established by the ERCOT board. Details can be found in Schedule 2.1 of the Employment Agreement.

Mr. Vegas’ employment agreement is posted on the ERCOT website.

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Pablo Vegas confirmed as new ERCOT President and CEO

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