ERCOT Board Announces New CEO
Pablo Vegas to take the helm on October 1
AUSTIN, TX, Aug. 16, 2022 – The Electric Reliability Council of Texas Board of Directors today announced the selection of Pablo Vegas to serve as the President and CEO for the Texas grid operator. Vegas will join ERCOT on October 1. He currently serves as Executive Vice President of NiSource and Group President, NiSource Utilities. His selection follows an exhaustive nationwide search by the Board’s selection committee.
The selection of Vegas was approved by the Public Utility Commission of Texas earlier today, as required under Texas law.
"In Pablo, we’ve found a leader for ERCOT with deep experience at one of the nation’s largest regulated utilities, who brings a strong record of operational excellence managing system growth with a diverse and rapidly evolving energy mix. 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,” said ERCOT Board Chair Paul Foster. “ERCOT has implemented landmark reliability reforms under the outstanding leadership of Interim CEO Brad Jones, and Pablo will put his own extensive background in operations, engineering and customer service to work building on that legacy for the people of Texas.”
This will be Vegas’ second time working in the ERCOT service territory. In 2008 he was President and Chief Operating Officer for AEP Texas, one of his many executive roles at American Electric Power (AEP). Vegas’ early career included working with IBM, PricewaterhouseCoopers and Andersen Consulting.
“I’m excited to return to Texas both personally and professionally. 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,” said Vegas. “Texas leaders have faced the challenges in the ongoing energy transition head-on and are committed to driving improvements in the energy economy for the benefit of generations to come. This is a once-in-a-lifetime opportunity to lead an exceptional organization of people and make a positive impact on millions of Texans.”
In making this selection, the ERCOT Board of Directors noted the tremendous scope of the ERCOT CEO position. On a daily basis ERCOT:
- Supports the fastest growing economy and electric grid in the nation
- Completes $50 million/day in settlement transactions
- Manages a $28 Billion electric market
- Oversees the third largest grid, and the largest renewable fleet, in the nation
Brad Jones will continue to serve as Interim CEO until October 1, and for the following few weeks, will assist in Pablo Vegas’s transition into his new role as CEO of ERCOT.
Vegas has a Bachelor of Science degree in mechanical engineering from the University of Michigan and attended the Advanced Management Program at Harvard Business School. Vegas is married with three children.
The complete employment agreement with Vegas is available at https://www.ercot.com/about/governance/executives.
ERCOT, the Electric Reliability Council of Texas, manages the flow of electric power to more than 26 million Texas customers, representing about 90 percent of the state’s electric load. As the Independent System Operator for the region, ERCOT schedules power on an electric grid that connects 52,700+ miles of transmission lines and 1,100+ generation units, including Private Use Networks. ERCOT also performs financial settlement for the competitive wholesale bulk-power market and administers retail switching for more than 8 million premises in competitive choice areas. ERCOT is a membership-based 501(c)(4) nonprofit corporation, governed by a board of directors and subject to oversight by the Public Utility Commission of Texas and the Texas Legislature.