Electric Reliability Council Of Texas Inc 10-10-90
- Assets
- $6.6b
- Revenue
- $488.0m
- Investments
- $0.0
- Employees
- 959
- Location
- Austin, TX
- Founding
- 04/2008
- Data as of
- 12/2023
- EIN
- 74-2587416
Organization Overview
Electric Reliability Council Of Texas Inc 10-10-90, operating under the name Ercot, is located in Austin, TX. The organization was established in 2008. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Ercot employed 959 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ercot is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2023, Ercot generated $488.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.6% each year . All expenses for the organization totaled $402.8m during the year ending 12/2023. While expenses have increased by 9.1% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pablo Vegas Board Member; President And CEO | OfficerTrustee | 40 | $2,126,425 |
Bill Flores Board Member | Trustee | 4 | $150,052 |
Carlos Aguilar Board Member | Trustee | 4 | $123,500 |
Courtney Hjaltman Board Member | Trustee | 4 | $0 |
John Swainson Board Member | Trustee | 4 | $129,750 |
Julie England Board Member | Trustee | 4 | $123,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nextsourceinc Contingent Workforce | 12/30/23 | $6,597,688 |
Potomac Economics Ltd Independent Market Monitor | 12/30/23 | $4,299,166 |
Sirius Computer Solutions Inc It Consulting | 12/30/23 | $2,953,343 |
Winstead Pc Legal Services | 12/30/23 | $1,812,015 |
Hitachi Energy Usa It Consulting | 12/30/23 | $3,355,737 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $374,865,926 |
| Investment income | $113,162,041 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $488,027,967 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $10,605,484 |
| Compensation of current officers, directors, key employees. | $7,820,525 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $120,250,734 |
| Pension plan accruals and contributions | $18,127,932 |
| Other employee benefits | $10,921,327 |
| Payroll taxes | $9,717,467 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,817,703 |
| Fees for services: Accounting | $307,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $509,315 |
| Fees for services: Other | $16,550,049 |
| Advertising and promotion | $0 |
| Office expenses | $1,228,012 |
| Information technology | $3,131,154 |
| Royalties | $0 |
| Occupancy | $5,432,832 |
| Travel | $1,032,770 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,163,947 |
| Interest | $116,178,913 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,690,611 |
| Insurance | $7,417,816 |
| All other expenses | $372,751 |
| Total functional expenses | $402,791,058 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $57,081,151 |
| Savings and temporary cash investments | $3,294,190,716 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,031,126 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $41,701,109 |
| Net Land, buildings, and equipment | $184,241,246 |
| Investments—publicly traded securities | $585,099,840 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,443,348,815 |
| Total assets | $6,635,694,003 |
| Accounts payable and accrued expenses | $100,098,110 |
| Grants payable | $0 |
| Deferred revenue | $9,002,488 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $3,776,151,267 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,499,167,946 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $878,617 |
| Total liabilities | $6,385,298,428 |
| Net assets without donor restrictions | $250,395,575 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,635,694,003 |