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ERCOT president, CEO terminated in wake of winter storm power outages

The Electric Reliability Council of Texas said it will start searching immediately for Bill Magness' replacement.

AUSTIN, Texas — The Electric Reliability Council of Texas has fired its president and CEO.

The ERCOT Board of Directors met Wednesday night and made the decision. Bill Magness will continue to serve in the position for the next 60 days. During the "transition period" he will work with state leaders and regulators on potential reforms to ERCOT.

The ERCOT Board said it will begin an immediate search for Magness' replacement.

Last week, several members of ERCOT's Board resigned.

RELATED: 5 ERCOT board members who live outside of Texas resign in aftermath of power outage, winter storm

The Council has been under scrutiny since the recent winter storm in which millions of Texans were left without power during a bitter winter storm.

On Monday, the chairwoman of the Public Utility Commission of Texas, the agency that regulates the state’s electric, telecommunication, and water and sewer utilities, resigned.

The PUC is charged with overseeing the Electric Reliability Council of Texas, or ERCOT, a nonprofit entity that manages and operates the electricity grid that covers much of the state.

Here's a statement from ERCOT:

"The ERCOT Board of Directors met this evening and directed the Corporate Secretary to exercise the 60 days’ termination notice to ERCOT President and CEO Bill Magness pursuant to the employment agreement with ERCOT. During this transition period, Bill will continue to serve as President and CEO and work with state leaders and regulators on potential reforms to ERCOT. The ERCOT Board is expected to begin an immediate search for a new President and CEO, and will continue to discuss the transition plan at future meetings during this time period."