Vegas on new role as ERCOT head: 'This is a once-in-a-lifetime opportunity'

The operator of Texas’ energy grid named its new chief executive officer (CEO) and president on Tuesday, according to a press release.

The release said that the Electric Reliability Council of Texas (ERCOT) Board of Directors tabbed Pablo Vegas to head the 50-year-old organization. 

Vegas will officially assume his new roles on Oct. 1.

According to ERCOT, Vegas is the incumbent executive vice president of Indiana-based utilities company NiSource and the group president of NiSource Utilities.

ERCOT board chair Paul Foster said in the release that Vegas’ “deep experience at one of the nation’s largest regulated utilities” factored into the hiring of the latter.

“[He] brings a strong record of operational excellence managing system growth with a diverse and rapidly evolving energy mix,” Foster said. “He clearly understands the challenges we face in Texas as one of the fastest growing and most dynamic energy grids in the United States, and how to meet them.”

Foster added that the grid operator initiated “landmark reliability reforms” under interim CEO Brad Jones’ tenure.

“Pablo will put his own extensive background in operations, engineering and customer service to work building on that legacy for the people of Texas,” Foster said in the release.

ERCOT said that Vegas is a familiar face within its service territory since he was the leader of American Electric Power (AEP) Texas almost 15 years ago.

“I’m excited to return to Texas both personally and professionally,” Vegas said, per the release. “Texas is the fastest growing electric grid in the nation with peak demand larger than any other state, and leads the nation in advancing reliable resources . . . This is a once-in-a-lifetime opportunity to lead an exceptional organization of people and make a positive impact on millions of Texans.”

San Antonio ABC affiliate KSAT reported that the Peru-born Vegas will earn an annual base salary of $990,000 in accordance to the terms of his contract that was approved by his new employer and the Public Utility Commission (PUC).

ERCOT said that Jones will devote his last few months on the job to aid Vegas with the leadership transition.