Maxine Buckles named first CFO in ERCOT history

Austin – After an intensive nationwide search, the Electricity Reliability Council of Texas, Inc. (ERCOT) has named Maxine Buckles, its first ever Chief Financial Officer (CFO). Ms. Buckles will begin her tenure on February 1, 2001, and rounds out an executive team that includes Chief Executive Officer (CEO), Tom Noel, and Chief Operating Officer (COO), Sam Jones. ERCOT is the corporation that administers the state's power grid and serves approximately 85 percent of the state's electric load.

"The decision to hire Maxine was unanimous," said Noel referring to the 12 member-team involved in the selection process. "From the start, we were highly impressed with her credentials and background. Beyond that, her level of sincerity, her focus, and her obvious commitment to getting us where we need to be, sealed the deal for all of us."

In her new capacity, Ms. Buckles will oversee all of ERCOT's financial operations and will report directly to Noel who is also a member of the ERCOT Board of Directors. Ms. Buckles will also manage the Corporate Finance, Accounting, Policy and Processes, and Portfolio Planning andAnalysis departments, and will hire a staff slated to include a controller, senior accountants, analysts, and accounting administrators. Total staffing of the Financial Operations Dept. should approximate 20-25 persons when fully completed. "I spent 14 years in Texas, and I am delighted to be returning to the Lone Star state," said Buckles who lived in Houston from 1981 to 1993. "I am looking forward to the challenges involved in transitioning the state of Texas into a restructured market."

Ms. Buckles who is a Certified Public Accountant (CPA), was previously employed at Plantation Pipe Line Company in Atlanta, Georgia where she was CFO and Treasurer for five years. Prior to joining Plantation Pipe Line, Ms. Buckles spent three years as Manager of Accounting with Iroquois Gas Transmission System in Shelton, Connecticut. She held positions of increasing responsibility in Houston, Texas while employed at Koch Gateway Pipe Line Company, Tenneco, Inc., Saber Energy Inc., and the public accounting firm of Arthur Andersen & Co.

Ms. Buckles holds a Bachelor's of Science Degree from Xavier University and an MBA from Tulane University. She will reside and office in Austin, Texas.

Texas is restructuring its $16 Billion electricity industry. By January 1, 2002, both individuals and corporations in most cities in Texas will be able to choose their power supplier. ERCOT and the Public Utility Commission of Texas (PUCT) will jointly oversee Texas's transition into retail competition. Specifically, ERCOT will oversee the transactions that will result from the restructuring, while maintaining the overall reliability of the electrical grid.