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← ELECTRIC RELIABILITY COUNCIL OF TEXAS INC 10-10-90

Form 990 for tax year 2022

Filed by ELECTRIC RELIABILITY COUNCIL OF TEXAS INC 10-10-90.

Totals

Total revenue
$355,423,897
Total expenses
$328,536,901
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$327,408,004
Investment income
$28,015,893
Other revenue
$0
Total assets, end of year
$6,964,387,654
Total liabilities, end of year
$6,809,285,480
Net assets or fund balances, end of year
$155,102,174
Program services expenses (Part IX)
$276,264,448
Management and general expenses
$52,272,453
Fundraising expenses
$0
Program service expenses (Part III)
$276,264,448

Program services were 84.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: ELECTRIC RELIABILITY P

    total $206,743,473 · related or exempt $206,743,473

  • 2b · Program service revenue: SECURITIZATION CHARGES

    total $80,789,223 · related or exempt $80,789,223

  • 2c · Program service revenue: MUNICIPAL SERVICE PROG

    total $39,457,688 · related or exempt $39,457,688

  • 2d · Program service revenue: MEMBERSHIP DUES

    total $417,620 · related or exempt $417,620

  • 3 · Investment income

    total $28,015,893 · related or exempt $27,923,441 · excluded $92,452

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $7,805,858 · program services $3,122,821 · management and general $4,683,037

  • 7 · Other salaries and wages

    total $92,986,909 · program services $76,434,879 · management and general $16,552,030

  • 8 · Pension plan contributions

    total $14,110,269 · program services $11,963,042 · management and general $2,147,227

  • 9 · Other employee benefits

    total $11,400,931 · program services $9,281,301 · management and general $2,119,630

  • 10 · Payroll taxes

    total $7,711,072 · program services $6,400,272 · management and general $1,310,800

  • 11b · Fees: legal

    total $8,709,418 · program services $259,477 · management and general $8,449,941

  • 11c · Fees: accounting

    total $370,835 · program services $187,185 · management and general $183,650

  • 11f · Fees: investment management

    total $98,605 · management and general $98,605

  • 11g · Fees: other

    total $15,195,140 · program services $12,676,407 · management and general $2,518,733

  • 13 · Office expenses

    total $1,295,177 · program services $964,976 · management and general $330,201

  • 14 · Information technology

    total $3,531,530 · program services $3,481,201 · management and general $50,329

  • 16 · Occupancy

    total $4,918,679 · program services $114,342 · management and general $4,804,337

  • 17 · Travel

    total $526,035 · program services $327,037 · management and general $198,998

  • 19 · Conferences, conventions and meetings

    total $729,817 · program services $399,583 · management and general $330,234

  • 20 · Interest

    total $80,957,069 · program services $79,904,916 · management and general $1,052,153

  • 22 · Depreciation, depletion and amortization

    total $26,260,211 · program services $20,172,300 · management and general $6,087,911

  • 23 · Insurance

    total $12,238,120 · program services $12,238,120

  • 24a · Other expenses: HARDWARE AND SOFTWARE

    total $36,949,461 · program services $36,196,680 · management and general $752,781

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $2,552,368 · program services $2,138,828 · management and general $413,540

  • 24c · Other expenses: ALL OTHER EXPENSES

    total $189,397 · program services $1,081 · management and general $188,316

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $36,722,171 · end of year $34,717,030

  • 2 · Savings and temporary cash investments

    beginning of year $2,198,505,584 · end of year $4,195,436,322

  • 4 · Accounts receivable

    beginning of year $28,106,188 · end of year $24,221,179

  • 9 · Prepaid expenses and deferred charges

    beginning of year $25,381,963 · end of year $36,147,002

  • 10a · Land, buildings and equipment: cost or other basis

    $1,058,651,051

  • 10b · Land, buildings and equipment: accumulated depreciation

    $878,099,884

  • 10c · Land, buildings and equipment, net

    beginning of year $155,841,446 · end of year $180,551,167

  • 15 · Other assets

    beginning of year $785,048,461 · end of year $2,493,314,954

  • 17 · Accounts payable and accrued expenses

    beginning of year $26,699,467 · end of year $96,284,433

  • 19 · Deferred revenue

    beginning of year $6,533,540 · end of year $7,669,988

  • 21 · Escrow or custodial account liability

    beginning of year $1,075,478,021 · end of year $2,349,256,338

  • 23 · Secured mortgages and notes payable

    beginning of year $840,945,331 · end of year $2,934,992,842

  • 25 · Other liabilities

    beginning of year $1,149,474,949 · end of year $1,421,081,879

  • 27 · Net assets without donor restrictions

    beginning of year $130,474,505 · end of year $155,102,174

Mission and programs · 2022

Mission

WE SERVE THE PUBLIC BY ENSURING A RELIABLE GRID, EFFICIENT ELECTRICITY MARKETS, OPEN ACCESS AND RETAIL CHOICE.

Activities or mission (Part I)

SEE SCHEDULE O

  • ERCOT SUCCESSFULLY MANAGES THE FLOW OF ELECTRICITY TO MORE THAN 26 MILLION CUSTOMERS IN THE STATE OF TEXAS, WHICH INCLUDES THE MANAGEMENT OF FINANCIAL SETTLEMENT FOR THE COMPETITIVE WHOLESALE BULK-POWER MARKET AND THE ADMINISTRATION OF ELECTRIC PROVIDER ACCOUNT SWITCHING IN COMPETITIVE CHOICE AREAS.

    Expenses $195,979,859 · Revenue $275,046,856

  • ERCOT ACTS AS THE SERVICER AND ADMINISTRATOR FOR THE SUBCHAPTER M BONDS. UNDER THE ERCOT NODAL PROTOCOLS RELATING TO THE SUBCHAPTER M DEFAULT BALANCE SECURITIZATION, ERCOT BILLS MARKET PARTICIPANTS MONTHLY IN AMOUNTS SUFFICIENT TO PROVIDE PAYMENTS OF DEBT SERVICE AND OTHER REQUIRED AMOUNTS AND REMITS THOSE FUNDS TO THE TRUSTEE.

    Expenses $24,112,024 · Revenue $24,112,024

  • ERCOT ACTS AS THE SERVICER AND ADMINISTRATOR FOR THE SUBCHAPTER N BONDS. UNDER THE ERCOT NODAL PROTOCOLS RELATING TO THE SUBCHAPTER N UPLIFT BALANCE SECURITIZATION, ERCOT BILLS MARKET PARTICIPANTS DAILY IN AMOUNTS SUFFICIENT TO PROVIDE PAYMENTS OF DEBT SERVICE AND OTHER REQUIRED AMOUNTS AND REMITS THOSE FUNDS TO THE TRUSTEE.

    Expenses $56,172,565 · Revenue $56,172,565

As filed on the 2022 return.

Listed in Part VII

  • Pablo Vegas Part Year Start

    BOARD MEMBER;PRESIDENT AND CEO

    Total calculated
    $936,993
    From this org
    $929,253
    From related orgs
    $0
    Other
    $7,740
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,434
    Bonus
    $631,500
    Other
    $50,319
    Deferred
    $0
    Nontaxable benefits
    $7,740
    Filer's total
    $936,993

  • Brad Jones Part Year

    BOARD MEMBER; INTERIM PRES. AND CEO

    Total calculated
    $691,990
    From this org
    $620,831
    From related orgs
    $0
    Other
    $71,159
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $419,487
    Bonus
    $169,641
    Other
    $31,703
    Deferred
    $44,225
    Nontaxable benefits
    $26,934
    Filer's total
    $691,990

  • Bill Flores

    BOARD MEMBER

    Total calculated
    $106,578
    From this org
    $106,578
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Bob Flexon

    BOARD MEMBER

    Total calculated
    $98,453
    From this org
    $98,453
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Carlos Aguilar

    BOARD MEMBER

    Total calculated
    $94,250
    From this org
    $94,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Zin Smati Part Year

    BOARD MEMBER

    Total calculated
    $94,250
    From this org
    $94,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • John Swainson

    BOARD MEMBER

    Total calculated
    $94,250
    From this org
    $94,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Peggy Heeg

    BOARD MEMBER

    Total calculated
    $91,203
    From this org
    $91,203
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Julie England

    BOARD MEMBER

    Total calculated
    $87,000
    From this org
    $87,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Chris Ekoh Part Year

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    10

  • Paul Foster

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    15

  • Courtney Hjaltman

    BOARD MEMBER (PART YEAR: START)

    Total calculated
    $0
    Hours/week
    20

  • Peter Lake

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    4

  • Jeyant Tamby

    SR. VP AND CAO & CHIEF OF STAFF

    Total calculated
    $550,196
    From this org
    $473,558
    From related orgs
    $0
    Other
    $76,638
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $473,558
    Bonus
    $0
    Other
    $0
    Deferred
    $44,225
    Nontaxable benefits
    $32,413
    Filer's total
    $550,196

  • Chad Seely

    VP, GENERAL COUNSEL

    Total calculated
    $522,846
    From this org
    $448,116
    From related orgs
    $0
    Other
    $74,730
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $448,116
    Bonus
    $0
    Other
    $0
    Deferred
    $42,972
    Nontaxable benefits
    $31,758
    Filer's total
    $522,846

  • Jayapal Parakkuth

    VP & CIO

    Total calculated
    $440,573
    From this org
    $365,374
    From related orgs
    $0
    Other
    $75,199
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $365,374
    Bonus
    $0
    Other
    $0
    Deferred
    $40,500
    Nontaxable benefits
    $34,699
    Filer's total
    $440,573

  • Dwayne Rickerson

    VP, SYSTEM PLANNING & WEATHERIZATION

    Total calculated
    $440,229
    From this org
    $366,004
    From related orgs
    $0
    Other
    $74,225
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $366,004
    Bonus
    $0
    Other
    $0
    Deferred
    $43,573
    Nontaxable benefits
    $30,652
    Filer's total
    $440,229

  • Sean Taylor

    VP & CFO

    Total calculated
    $438,957
    From this org
    $369,318
    From related orgs
    $0
    Other
    $69,639
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $369,318
    Bonus
    $0
    Other
    $0
    Deferred
    $44,225
    Nontaxable benefits
    $25,414
    Filer's total
    $438,957

  • Kenan Ogelman

    VP, COMMERCIAL OPERATIONS

    Total calculated
    $419,464
    From this org
    $368,106
    From related orgs
    $0
    Other
    $51,358
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $368,106
    Bonus
    $0
    Other
    $0
    Deferred
    $40,500
    Nontaxable benefits
    $10,858
    Filer's total
    $419,464

  • Mara Spak

    VP, HUMAN RESOURCES

    Total calculated
    $414,528
    From this org
    $361,410
    From related orgs
    $0
    Other
    $53,118
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $361,410
    Bonus
    $0
    Other
    $0
    Deferred
    $40,500
    Nontaxable benefits
    $12,618
    Filer's total
    $414,528

  • Dan Woodfin

    VP, SYSTEM OPERATIONS

    Total calculated
    $404,722
    From this org
    $344,404
    From related orgs
    $0
    Other
    $60,318
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $299,007
    Bonus
    $0
    Other
    $45,397
    Deferred
    $40,500
    Nontaxable benefits
    $19,818
    Filer's total
    $404,722

  • Sallie Betty Day

    VP, SECURITY & COMPLIANCE AND CCO

    Total calculated
    $399,564
    From this org
    $328,982
    From related orgs
    $0
    Other
    $70,582
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $328,982
    Bonus
    $0
    Other
    $0
    Deferred
    $44,225
    Nontaxable benefits
    $26,357
    Filer's total
    $399,564

  • Kristi Hobbs

    VP, CORP. STRATEGY & PUC RELATIONS

    Total calculated
    $388,749
    From this org
    $317,417
    From related orgs
    $0
    Other
    $71,332
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $317,417
    Bonus
    $0
    Other
    $0
    Deferred
    $40,500
    Nontaxable benefits
    $30,832
    Filer's total
    $388,749

  • Jonathan Levine

    ASST. GC & ASST. CORP. SEC.

    Total calculated
    $280,958
    From this org
    $227,290
    From related orgs
    $0
    Other
    $53,668
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,290
    Bonus
    $0
    Other
    $0
    Deferred
    $33,067
    Nontaxable benefits
    $20,601
    Filer's total
    $280,958

  • William Black Part Yr Start

    VP, PUBLIC AFFAIRS

    Total calculated
    $180,585
    From this org
    $161,833
    From related orgs
    $0
    Other
    $18,752
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $55,223
    Bonus
    $106,610
    Other
    $0
    Deferred
    $16,191
    Nontaxable benefits
    $2,561
    Filer's total
    $180,585

  • Mark Ruane Part Year

    SR. DIR. SETTLEMENTS RETAIL & CREDITS

    Total calculated
    $327,291
    From this org
    $278,031
    From related orgs
    $0
    Other
    $49,260
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $254,338
    Bonus
    $0
    Other
    $23,693
    Deferred
    $39,871
    Nontaxable benefits
    $9,389
    Filer's total
    $327,291

  • Ajay Mannepalli

    DIRECTOR, IT ARCH. & STRATEGY

    Total calculated
    $302,228
    From this org
    $240,542
    From related orgs
    $0
    Other
    $61,686
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $216,170
    Bonus
    $0
    Other
    $24,372
    Deferred
    $31,643
    Nontaxable benefits
    $30,043
    Filer's total
    $302,228

  • Nathan Bigbee

    DEPUTY GENERAL COUNSEL

    Total calculated
    $363,000
    From this org
    $289,115
    From related orgs
    $0
    Other
    $73,885
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $288,784
    Bonus
    $331
    Other
    $0
    Deferred
    $40,500
    Nontaxable benefits
    $33,385
    Filer's total
    $363,000

  • Michael Allgeier Part Year

    SR. DIRECTOR, CIS AND CSO

    Total calculated
    $359,395
    From this org
    $299,232
    From related orgs
    $0
    Other
    $60,163
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,563
    Bonus
    $0
    Other
    $90,669
    Deferred
    $33,212
    Nontaxable benefits
    $26,951
    Filer's total
    $359,395

  • Bryan Hanley

    SR. DIRECTOR, IT INFRASTRUCTURE

    Total calculated
    $340,819
    From this org
    $270,508
    From related orgs
    $0
    Other
    $70,311
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,508
    Bonus
    $0
    Other
    $0
    Deferred
    $39,524
    Nontaxable benefits
    $30,787
    Filer's total
    $340,819

  • David Kezell

    DIRECTOR, PSE WEATHERIZATION

    Total calculated
    $337,934
    From this org
    $266,634
    From related orgs
    $0
    Other
    $71,300
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,542
    Bonus
    $0
    Other
    $16,092
    Deferred
    $37,064
    Nontaxable benefits
    $34,236
    Filer's total
    $337,934

  • Brandon Gleason

    DEPUTY GENERAL COUNSEL

    Total calculated
    $314,489
    From this org
    $263,378
    From related orgs
    $0
    Other
    $51,111
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $263,378
    Bonus
    $0
    Other
    $0
    Deferred
    $38,413
    Nontaxable benefits
    $12,698
    Filer's total
    $314,489

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4A
PURSUANT TO AN AGREEMENT WITH ERCOT, MICHAEL ALLGEIER RECEIVED A SEVERANCE PAYMENT OF $71,936.
PART II, COLUMN B(III):
IN ADDITION TO THE SEVERANCE PAYMENT EXPLAINED ABOVE, RELOCATION PAYMENT AND VACATION PAYOUT WERE REPORTED HERE.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2022
Filed
25 July 2023
IRS schema version
2022v5.0
Source object
202312089349300031

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