Electric Reliability Council of Texas
Legal name: Electric Reliability Council of Texas Inc
Nonprofit profile at a glance
- EIN
- 742587416
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Austin, TX, USA
- Phone
- 5122257000
- Rating
- 83
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Public Utilities
Reported finances
- Revenue
- $543,240,707
- Expenses
- $444,370,700
- Assets
- $7,427,062,983
- Liabilities
- $7,083,141,002
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
37 people listed
Executive titles in this filing
- PABLO VEGAS (BOARD MEMBER; PRESIDENT AND CEO)
Highest reported compensation
- PABLO VEGAS (BOARD MEMBER; PRESIDENT AND CEO): $3,637,404 total reported compensation
- DWAYNE RICKERSON (SVP & COO): $775,699 total reported compensation
- CHAD SEELY (SVP & GENERAL COUNSEL): $763,610 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Vision: To be the most reliable and innovative grid in the world. Mission: We ensure a reliable grid with competitive and cost-efficient electricity markets. We carry out our core functions by ensuring open transmission and distribution system access, reliability and adequacy of the grid, customer retail choice, and accurate accounting for energy. Following Winter Storm Uri, Brazos Electric Power Cooperative, Inc. filed a petition for relief under Chapter 11 of the United States Bankruptcy Code. As part of the Brazos bankruptcy proceeding, ERCOT sought to recover approximately $1.9 billion from Brazos as a result of Brazos's failure to pay ERCOT-issued settlement invoices in connection with Winter Storm Uri. ERCOT and Brazos engaged in mediation, and ultimately prepared a proposed settlement agreement to be included as part of Brazos's bankruptcy exit plan. This webpage is intended...
What it reported doing in 2024
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.
Operating model
- Revenue model
- Other-operating. 77% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Liabilities are high compared with assets and reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 67
- Transparency & Controls: 93
- Accountability: 100
- Sustainability: 73
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 72.7%; rating input score 73
- Program expense ratio: 79.2%; rating input score 79
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
- Pay-setting controls: 6 of 6 controls in place; rating input score 100
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Pass
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 18.2%; rating input score 86; 86th percentile among comparable filings
- Total-asset coverage ratio: 16.71; rating input score 95; 95th percentile among comparable filings
- Liabilities to assets ratio: 0.95; rating input score 9; 9th percentile among comparable filings
- Officer compensation ratio: 3.7%; rating input score 28; 28th percentile among comparable filings
Growth
- Program expense growth: 10.5% per year; rating input score 100; 76th percentile among comparable filings
- Revenue growth: 6% per year; rating input score 100; 52nd percentile among comparable filings
- Asset growth: 18.6% per year; rating input score 100; 91st percentile among comparable filings
Details
- What they do: 1 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 72.7% of revenue deployed · 79.2% of spending went to programs
- Governance: 7 of 7 board members independent · 9 of 9 filing controls reported
- Programs: 3 filed program accomplishments · $351.8M in reported program spending
- Leadership: top reported pay $3.6M · 37 people listed · 6 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $20.1M reported
- Consistency: 31 of 31 current checks pass
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 35 filed money-flow records
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Liabilities to assets ratio scored 9/100.
- High — Sustainability: Officer compensation ratio scored 28/100.