ERCOT welcomes the news that the former employees who betrayed our organization will face formal criminal charges. Today’s action will put this incident further behind us as we continue to move forward to restore public confidence in ERCOT. Our management and staff have supported this investigation from day one, and we will continue to cooperate in every way.

No evidence has emerged that the actions of these few former employees had any effect whatsoever on the reliability of the electricity grid or ERCOT’s market operations.

We are committed to deterring and preventing any future activity of this kind. ERCOT’s ongoing Management Action Plan, developed with the help of the recent audits ordered by the PUC, addresses this critical issue by creating and strengthening internal controls, monitoring and enforcing all policies and procedures, and developing a control consciousness as part of the ERCOT corporate culture.

The last eight months have been a difficult time for ERCOT’s employees, and today’s announcement brings relief and encouragement. ERCOT is still the system operator for the number one ranked retail electric market in the nation, and aspiring markets around the world look to us as a model for success. I am proud of the dedication, sound ethics, and high-quality performance of ERCOT’s employees through these recent difficult months.