BENGALURU: Texas’ power grid operator ousted chief executive Bill Magness on Wednesday, as the fallout continues from a deadly blackout last month that left residents without heat, power or water for days.
His departure followed fierce criticism by state lawmakers of the handling of the crisis by the Electric Reliability Council of Texas (ERCOT), which has led one large electricity provider to seek bankruptcy and put several others near to it.
The mid-February storm temporarily knocked out up to half the state’s generating plants, triggering outages that killed dozens and pushed power prices to 10 times the normal rate.
“ERCOT’s decision to oust CEO Bill Magness signals accountability for the disaster that swept through our state two weeks ago,” Texas Attorney General Ken Paxton said in a statement on Twitter.
“(This step) offers the opportunity for new leadership that can more efficiently prepare and direct our state’s resources when dangerous weather strikes,” he added.
Texas Lt. Governor Dan Patrick, who on Monday called for the heads of ERCOT and the Public Utility Commission to resign, also welcomed the move.
The legislature now can begin “fixing what went wrong,” Patrick said.
ERCOT said in a statement cited by multiple media organizations that its board had directed that Magness be given a 60 days’ termination notice. The board would begin an immediate search for a new CEO.
Brad Jones, former head of New York’s power grid, is the leading candidate to replace Magness as ERCOT’s CEO, Bloomberg reported, citing people familiar with the board’s thinking.
Magness was grilled for hours last week for leaving power prices at up to 450 times the usual rate after the threat to the state’s grid had ended.
Seven of ERCOT’s 15 directors have resigned in the last week and the head of the state’s Public Utility Commission, which supervised ERCOT, resigned on Monday.
The winter storm caused widespread blackouts across Texas, a state unaccustomed to extreme cold, knocking out power to more than 4 million people at its peak.
Texas power grid operator fires CEO after deadly blackouts
https://arab.news/6h9xk
Texas power grid operator fires CEO after deadly blackouts
- The mid-February storm temporarily knocked out up to half the state’s generating plants
Closing Bell: Saudi main market edges up to 10,745 points
RIYADH: Saudi equities closed higher on Monday, with the Tadawul All Share Index finishing up 135.69 points, or 1.28 percent, at 10,745.45.
The MSCI Tadawul 30 Index also advanced, rising 22.21 points, or 1.57 percent, to close at 1,436.31, while the Nomu Parallel Market Index slipped 31.80 points, or 0.13 percent, to 23,586.94.
Market breadth was positive on the main market, with 216 gainers against 42 decliners, while Nomu saw 42 stocks advancing and 36 declining.
Trading activity picked up, with 261.7 million shares changing hands, while total turnover reached SR5.10 billion ($1.3 billion).
Among the top performers, Saudi Fisheries Co. led the gains, closing at SR63.90, up SR5.80, or 9.98 percent. Naseej International Trading Co. rose to SR34.94, gaining SR3.16, or 9.94 percent, while Dar Al Arkan Real Estate Development Co. ended at SR16.74, up SR1.16, or 7.45 percent.
Zahrat Al Waha for Trading Co. added 6.84 percent to close at SR2.50, and Alamar Foods Co. climbed 5.75 percent to SR42.70.
On the losing side, Al Masar Al Shamil Education Co. fell 4.36 percent to SR23.90, while Saudi Paper Manufacturing Co. declined 2.82 percent to SR62.05.
United International Holding Co. slipped 2.36 percent to SR153.40, Saudi Aramco Base Oil Co. dropped 2.09 percent to SR98.60, and United Electronics Co. eased 1.90 percent to SR85.00.
On the announcement front, Mouwasat Medical Services Co. announced that its board has approved the establishment of a new hospital in Riyadh’s Al-Narjis District, with a planned capacity of 280 beds and a total investment cost of SR900 million.
The project will be financed through a mix of self-funding and long-term Shariah-compliant bank facilities, with further details on timelines and financial impact to be disclosed at a later stage.
Shares of Mouwasat Medical Services Co. closed at SR67.95, gaining SR1.40, or 2.10 percent.
Saudi Arabian Mining Co. reported a net addition of 7.8 million ounces of new gold resources following extensive exploration and drilling activities across multiple sites, alongside the identification of new mineralization opportunities in gold and base metals.
The company noted that the financial impact of these discoveries has yet to be determined and will be assessed in due course.
Shares of Saudi Arabian Mining Co. closed at SR67.50, up SR3.05, or 4.73 percent.
