2025-10-22T14:52:51-05:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 790 N WATER ST SUITE 2000 MILWAUKEE WI 53202 990 2024-01-01 742587416 ELECTRIC RELIABILITY COUNCIL OF TEXAS INC ELEC 5122257000 8000 METROPOLIS DR BUILDING E 10 AUSTIN TX 78744 RICHARD SCHEEL SVP CFO & CRO 5122257000 2025-10-22 1 1 TROY MARINE P00187863 4147775500 2025-10-22 2024 2025-03-06 01:10:19Z ERCOT PABLO VEGAS 8000 METROPOLIS DR BUILDING E 100 AUSTIN TX 78744 543240707 0 X WWW.ERCOT.COM X 1990 TX SEE SCHEDULE O 7 7 1055 10 0 0 0 0 374865926 420072023 113162041 123168684 0 0 488027967 543240707 0 0 0 0 169622944 195644928 0 0 0 233168114 248725772 402791058 444370700 85236909 98870007 6635694003 7427062983 6385298428 7083141002 250395575 343921981 WE SERVE THE PUBLIC BY ENSURING A RELIABLE GRID, EFFICIENT ELECTRICITY MARKETS, OPEN ACCESS, AND RETAIL CHOICE. 0 0 239930883 427204998 ERCOT SUCCESSFULLY MANAGES THE FLOW OF ELECTRICITY TO MORE THAN 27 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. 100192115 100192115 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. 11631225 11631225 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. 351754223 0 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 1 383 0 1 1055 1 0 0 0 0 0 0 1 0 X 7 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X X RICHARD SCHEEL 5122257000 8000 METROPOLIS DR BUILDING E SUITE AUSTIN TX 78744 PABLO VEGAS BOARD MEMBER; PRESIDENT AND CEO 60.00 X X 3558528 0 78876 BILL FLORES DIRECTOR 20.00 X 205000 0 0 PEGGY HEEG BOARD MEMBER 11.00 X 188750 0 0 JOHN SWAINSON BOARD MEMBER 2.00 X 185000 0 0 ROBERT FLEXON BOARD MEMBER 10.00 X 167930 0 0 JULIE ENGLAND BOARD MEMBER 6.00 X 164167 0 0 CARLOS AGUILAR BOARD MEMBER 4.00 X 160000 0 0 LINDA CAPUANO BOARD MEMBER 10.00 X 160000 0 0 BENJAMIN BARKLEY BOARD MEMBER 0.25 X 0 0 0 PAUL FOSTER BOARD MEMBER 15.00 X 0 0 0 COURTNEY HJALTMAN BOARD MEMBER 25.00 X 0 0 0 DWAYNE RICKERSON SVP & COO 60.00 X 698641 0 77058 CHAD SEELY SVP & GENERAL COUNSEL 60.00 X 683449 0 80161 JAYAPAL PARAKKUTH SVP & CHIEF INFORMATION OFFICER 58.00 X 517117 0 80062 JEYANT TAMBY SVP, CAO & CHIEF OF STAFF 45.00 X 490485 0 74213 DAN WOODFIN VP, SYSTEM OPERATIONS 40.00 X 480023 0 63492 SALLIE BETTY DAY VP, SECURITY & COMPLIANCE AND CCO 40.00 X 461454 0 78216 MARA SPAK VP, HUMAN RESOURCES 55.00 X 480516 0 57868 KRISTI HOBBS VP, SYSTEM PLANNING & WEATHERIZATION 55.00 X 455167 0 73924 SEAN TAYLOR SVP CFO & CRO 40.00 X 451605 0 71577 ROBERT BLACK VP, PUBLIC AFFAIRS 40.00 X 416163 0 62321 VENKATA TIRUPATI VP, DEV OPERATIONS & GRID TRANSFORMATION 70.00 X 370904 0 77766 ADAM MARTINEZ VP, ENTERPRISE RISK & STRATEGY 40.00 X 362229 0 56453 BRANDT RYDELL ASSISTANT GENERAL COUNSEL 40.00 X 298183 0 78260 RICHARD SCHEEL SVP CFO & CRO 55.00 X 311788 0 62881 KENAN OGELMAN VP, COMMERCIAL OPERATIONS 40.00 X 265792 0 42058 KEITH COLLINS VP, COMMERCIAL OPERATIONS 60.00 X 220725 0 47143 JONATHAN LEVINE ASST. GC AND ASST. CORP. SEC. 40.00 X 199793 0 45283 GILBERT HUGHES VP, PUBLIC AFFAIRS 40.00 X 162787 0 27969 AJAY MANNEPALLI DIRECTOR, SR IT ARCHITECTURE & STRATEGY 40.00 X 294886 0 73596 NATHAN BIGBEE DEPUTY GENERAL COUNSEL 57.00 X 395021 0 78773 BRANDON GLEASON DEPUTY GENERAL COUNSEL 60.00 X 374135 0 66972 BRYAN HANLEY SR DIRECTOR, IT INFRASTRUCTURE 55.00 X 362962 0 73880 MARK MINER SR DIRECTOR, CORPORATE COMMUNICATIONS 50.00 X 349090 0 76502 DAVID KEZELL DIRECTOR, WEATHERIZATION & INSPECTION 40.00 X 340515 0 82576 JOHN MESSER DIRECTOR, MARKET APPLICATION SERVICES 50.00 X 309906 0 62613 LESLIE SWANSON SR DIRECTOR, CONTROLLER & TREASURER 40.00 X 285568 0 50828 14828279 0 1801321 759 1 1 0 NEXTSOURCE INC 1040 AVE OF THE AMERICAS 24TH FL NEW YORK NY 10018 CONTINGENT WORKFORCE 5605392 HITACHI ENERGY USA INC 901 MAIN CAMPUS DR RALEIGH NC 27606 IT CONSULTING 5419834 POTOMAC ECONOMICS LTD 10560 ARROWHEAD DR STE 400 FAIRFAX VA 22030 INDEPENDENT MARKET MONITOR 5061245 SIRIUS COMPUTER SOLUTIONS INC PO BOX 202289 DALLAS TX 75320 IT CONSULTING 2191065 WINSTEAD PC 2728 N HARWOOD ST STE 500 DALLAS TX 75201 LEGAL SERVICES 1776757 49 SYSTEM ADMINISTRATION 221000 291755945 291755945 SECURITIZATION CHARGES 221000 110946898 110946898 CONNECTIVITY TO ERCOT' 221000 6757248 6757248 WEATHERIZATION INSPECT 221000 5237039 5237039 WAN 221000 3724261 3724261 1650632 1650632 420072023 123168684 118956315 4212369 543240707 539028338 0 4212369 13720259 3838354 9881905 136074696 101939461 34135235 20928831 16351646 4577185 13128049 10006674 3121375 11793093 8409511 3383582 2664528 49379 2615149 318024 77000 241024 1073629 1073629 21839895 17436818 4403077 1244017 931080 312937 3973055 3786020 187035 4733213 194579 4538634 1348043 903018 445025 1867324 698404 1168920 113259452 111986013 1273439 43592730 31671401 11921329 5152787 5152787 HARDWARE & SOFTWARE EXP 43981467 40947796 3033671 DUES & SUBSCRIPTIONS 2679620 2252619 427001 997988 274450 723538 444370700 351754223 92616477 0 57081151 4286880 3294190716 4223023246 30031126 28616556 41701109 43046168 1140132530 945225307 184241246 194907223 585099840 542902810 2443348815 2390280100 6635694003 7427062983 100098110 107152157 9002488 12049110 3776151267 4520600905 2499167946 2442514071 878617 824759 6385298428 7083141002 X 250395575 343921981 250395575 343921981 6635694003 7427062983 98870007 -5343601 0 X 0 1 X 1 0 0 1 X 2242310 2242310 114070501 57554309 56516192 178369286 138004711 40364575 845450433 749666287 95784146 194907223 SECURITIZATION CHARGES RECEIVABLE, NON CURRENT 2336736328 SECURITIZATION CHARGES RECEIVABLE 52570695 OPERATING LEASE ROU ASSET, NON-CURRENT 839784 401K FORFEITURES/RCP 133293 2390280100 OPERATING LEASE LIABILITY, NON-CURRENT 479154 OPERATING LEASE LIABILITY, CURRENT 193801 ACCRUED POST RETIREMENT BENEFIT OBLIGATION 151804 824759 X PART IV, LINE 2B: ERCOT IS THE CENTRAL COUNTERPARTY FOR ALL TRANSACTIONS SETTLED BY ERCOT PURSUANT TO ERCOT PROTOCOLS AND IS DEEMED TO BE THE SOLE BUYER TO EACH SELLER, AND THE SOLE SELLER TO EACH BUYER, OF ALL ENERGY, ANCILLARY SERVICES, RELIABILITY UNIT COMMITMENTS (RUCS), EMERGENCY RESPONSE SERVICE (ERS), AND OTHER PRODUCTS OR SERVICES FOR WHICH ERCOT MAY PAY OR CHARGE A MARKET PARTICIPANT EXCEPT FOR THOSE PRODUCTS OR SERVICES THAT ARE SELF-ARRANGED BY MARKET PARTICIPANTS. ERCOT PERFORMS SETTLEMENTS FOR ALL TRANSACTIONS SUBJECT TO THE FINANCIAL SETTLEMENT PROCESS IN ACCORDANCE WITH ERCOT PROTOCOLS. THE SETTLEMENT PROCESS IS USED TO RESOLVE FINANCIAL OBLIGATIONS FOR MARKET SERVICES PROCURED THROUGH ERCOT FOR REGISTERED MARKET PARTICIPANTS. ADDITIONALLY, AS REQUIRED BY ERCOT PROTOCOLS, ERCOT EXECUTES AUCTIONS FOR CONGESTION REVENUE RIGHTS MONTHLY AND ANNUALLY AND DISTRIBUTES PROCEEDS FROM THESE AUCTIONS TO MARKET PARTICIPANTS AS REQUIRED BY ERCOT PROTOCOLS. MARKET PARTICIPANTS NOT MEETING CERTAIN CREDITWORTHINESS STANDARDS REFERENCED IN ERCOT PROTOCALS MUST MAINTAIN A MEANS OF SECURITY WITH THE COMPANY IN ORDER TO MITIGATE MARKET CREDIT RISK. MARKET PARTICIPANTS HAVE DISCRETION IN THE MEANS OF SECURITY, SUCH AS CORPORATE GUARANTIES, LETTERS OF CREDIT, SURETY BONDS, OR CASH SECURITY DEPOSITS PROVIDED THE MARKET PARTICIPANTS REMAIN IN COMPLIANCE WITH ERCOT PROTOCOLS. PART X, LINE 2: ERCOT IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(4). THE COMPANY IS ALSO EXEMPT FROM STATE INCOME TAXES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES OR UNCERTAIN TAX POSITIONS HAS BEEN REFLECTED IN THE FINANCIAL STATEMENTS. 1 X X X X X X 0 0 0 0 0 0 0 1 0 PABLO VEGAS BOARD MEMBER; PRESIDENT AND CEO 1012761 0 2543233 0 2534 0 46000 0 32876 0 3637404 0 0 0 DWAYNE RICKERSON SVP & COO 452607 0 144906 0 101128 0 49328 0 27730 0 775699 0 0 0 CHAD SEELY SVP & GENERAL COUNSEL 508100 0 174071 0 1278 0 47438 0 32723 0 763610 0 0 0 JAYAPAL PARAKKUTH SVP & CHIEF INFORMATION OFFICER 407569 0 108516 0 1032 0 46000 0 34062 0 597179 0 0 0 JEYANT TAMBY SVP, CAO & CHIEF OF STAFF 321075 0 164595 0 4815 0 50025 0 24188 0 564698 0 0 0 DAN WOODFIN VP, SYSTEM OPERATIONS 376194 0 102896 0 933 0 46000 0 17492 0 543515 0 0 0 SALLIE BETTY DAY VP, SECURITY & COMPLIANCE AND CCO 357170 0 103382 0 902 0 50025 0 28191 0 539670 0 0 0 MARA SPAK VP, HUMAN RESOURCES 371488 0 108102 0 926 0 46000 0 11868 0 538384 0 0 0 KRISTI HOBBS VP, SYSTEM PLANNING & WEATHERIZATION 354888 0 99389 0 890 0 46000 0 27924 0 529091 0 0 0 SEAN TAYLOR SVP CFO & CRO 310087 0 108595 0 32923 0 50025 0 21552 0 523182 0 0 0 ROBERT BLACK VP, PUBLIC AFFAIRS 207204 0 180861 0 28098 0 46000 0 16321 0 478484 0 0 0 NATHAN BIGBEE DEPUTY GENERAL COUNSEL 344296 0 49853 0 872 0 46000 0 32773 0 473794 0 0 0 VENKATA TIRUPATI VP, DEV OPERATIONS & GRID TRANSFORMA 325217 0 44869 0 818 0 47906 0 29860 0 448670 0 0 0 BRANDON GLEASON DEPUTY GENERAL COUNSEL 326757 0 46560 0 818 0 46000 0 20972 0 441107 0 0 0 BRYAN HANLEY SR DIRECTOR, IT INFRASTRUCTURE 314679 0 47493 0 790 0 46000 0 27880 0 436842 0 0 0 MARK MINER SR DIRECTOR, CORPORATE COMMUNICATION 304429 0 43898 0 763 0 48518 0 27984 0 425592 0 0 0 DAVID KEZELL DIRECTOR, WEATHERIZATION & INSPECTIO 296096 0 43671 0 748 0 49987 0 32589 0 423091 0 0 0 ADAM MARTINEZ VP, ENTERPRISE RISK & STRATEGY 322755 0 38664 0 810 0 46000 0 10453 0 418682 0 0 0 BRANDT RYDELL ASSISTANT GENERAL COUNSEL 271530 0 25959 0 694 0 44364 0 33896 0 376443 0 0 0 RICHARD SCHEEL SVP CFO & CRO 242032 0 34878 0 34878 0 31804 0 31077 0 374669 0 0 0 JOHN MESSER DIRECTOR, MARKET APPLICATION SERVICE 270693 0 38535 0 678 0 45189 0 17424 0 372519 0 0 0 AJAY MANNEPALLI DIRECTOR, SR IT ARCHITECTURE & STRAT 253594 0 40651 0 641 0 43395 0 30201 0 368482 0 0 0 LESLIE SWANSON SR DIRECTOR, CONTROLLER & TREASURER 246713 0 38235 0 620 0 41415 0 9413 0 336396 0 0 0 KENAN OGELMAN VP, COMMERCIAL OPERATIONS 127361 0 109082 0 29349 0 38479 0 3579 0 307850 0 0 0 KEITH COLLINS VP, COMMERCIAL OPERATIONS 197516 0 0 0 23209 0 29453 0 17690 0 267868 0 0 0 JONATHAN LEVINE ASST. GC AND ASST. CORP. SEC. 152297 0 25349 0 22147 0 29198 0 16085 0 245076 0 0 0 BILL FLORES DIRECTOR 205000 0 0 0 0 0 0 0 0 0 205000 0 0 0 GILBERT HUGHES VP, PUBLIC AFFAIRS 137097 0 25349 0 341 0 21752 0 6217 0 190756 0 0 0 PEGGY HEEG BOARD MEMBER 188750 0 0 0 0 0 0 0 0 0 188750 0 0 0 JOHN SWAINSON BOARD MEMBER 185000 0 0 0 0 0 0 0 0 0 185000 0 0 0 ROBERT FLEXON BOARD MEMBER 167930 0 0 0 0 0 0 0 0 0 167930 0 0 0 JULIE ENGLAND BOARD MEMBER 164167 0 0 0 0 0 0 0 0 0 164167 0 0 0 CARLOS AGUILAR BOARD MEMBER 160000 0 0 0 0 0 0 0 0 0 160000 0 0 0 LINDA CAPUANO BOARD MEMBER 160000 0 0 0 0 0 0 0 0 0 160000 0 0 0 PART I, LINE 7 SHORT TERM INCENTIVE PLAN (STIP) - ALL ERCOT EMPLOYEES ARE ELIGIBLE PARTICIPANTS IN THE STIP. TARGET AMOUNTS ARE DETERMINED BY JOB LEVEL AND WEIGHTINGS DIFFER BETWEEN EXECUTIVE STAFF AND NON-EXECUTIVE STAFF. WEIGHTINGS ARE BASED ON THE COMPLETION OF CORPORATE GOALS AND EMPLOYEE PERFORMANCE GOALS. ANNUAL INCENTIVE PAYMENTS ARE GRANTED IN Q1 OF THE FOLLOWING YEAR IN WHICH EARNED. LONG TERM INCENTIVE PLAN (LTIP) - ERCOT EXECUTIVES, DIRECTORS, AND PRINCIPALS ARE ELIGIBLE PARTICIPANTS IN THE LTIP. THE LTIP PERFORMANCE PERIOD IS A THREE YEAR DURATION AND PAYMENTS ARE PAID IN Q1 OF THE YEAR FOLLOWING THE PERFORMANCE PERIOD. TARGET AMOUNTS ARE DETERMINED BY JOB LEVEL AND WEIGHTS BASED ON THE COMPLETION OF CORPORATE GOALS FOR THE PERFORMANCE PERIOD. KENNEDY HOBBS CHILD OF KRISTI HOBBS, VP, SYSTEM PLANNING AND WEATHERIZATION 11116 INTERNSHIP INTERNSHIP SHERI MESSER SPOUSE OF JOHN MESSER, DIRECTOR, MARKET APPLICATION SERVICES 27737 ERCOT EMPLOYEE 0 FORM 990, PART I, LINE 1: ELECTRIC RELIABILITY COUNCIL OF TEXAS, INC. (ERCOT) LESSENS THE BURDENS OF GOVERNMENT, SERVES THE PUBLIC INTEREST BY, AND FULFILLS ITS STATUTORY OBLIGATION BY: (I) ENSURING OPEN ACCESS TO TRANSMISSION AND DISTRIBUTION SYSTEMS; (II) MAINTAINING SYSTEM RELIABILITY AND OPERATIONS; (III) ENABLING RETAIL CHOICE; (IV) OPERATING FAIR AND COMPETITIVE WHOLESALE MARKETS; (V) MAINTAINING THE RENEWABLE ENERGY CREDITS REGISTRY; AND (VI) PROVIDING LEADERSHIP AND INDEPENDENT EXPERTISE TO IMPROVE SYSTEM RELIABILITY AND MARKET EFFICIENCY. ERCOT MANAGES THE FLOW OF ELECTRIC POWER TO MORE THAN 27 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 MORE THAN 54,100 MILES OF TRANSMISSION LINES AND 1,250 GENERATION UNITS. ERCOT ALSO PERFORMS FINANCIAL SETTLEMENT FOR THE COMPETITIVE WHOLESALE BULK-POWER MARKET AND ADMINISTERS RETAIL SWITCHING FOR NEARLY 8 MILLION PREMISES IN COMPETITIVE CHOICE AREAS. FORM 990, PART VI, SECTION A, LINE 1A ERCOT IS GOVERNED BY A BOARD OF DIRECTORS COMPOSED OF 12 DIRECTORS (NINE VOTING AND THREE NON-VOTING). EIGHT OF THE VOTING DIRECTORS ARE SELECTED BY A STATUTORILY CREATED ERCOT BOARD SELECTION COMMITTEE AND MAY NOT HAVE FIDUCIARY DUTY OR ASSETS IN THE ELECTRICITY MARKET FOR THE ERCOT REGION. THE REMAINING VOTING DIRECTOR IS AN EX OFFICIO DIRECTOR, THE PUBLIC COUNSEL. THE THREE NON-VOTING DIRECTORS ARE ALSO EX OFFICIO, THAT IS, THE CHAIR OF THE PUBLIC UTILITY COMMISSION OF TEXAS, A SECOND COMMISSIONER OF THE PUBLIC UTILITY COMMISSION OF TEXAS WHO ROTATES ANNUALLY, AND ERCOT'S CHIEF EXECUTIVE OFFICER. FORM 990, PART VI, SECTION A, LINE 6 AS OF DECEMBER 31, 2024, ERCOT'S MEMBERSHIP INCLUDED 356 VOTING AND NON-VOTING MEMBERS. ERCOT MEMBERS MAY BE CORPORATE MEMBERS, ASSOCIATE MEMBERS, OR ADJUNCT MEMBERS. CORPORATE AND ASSOCIATE MEMBERS QUALIFY IN ONE OF SEVEN SEGMENTS: COOPERATIVE; INDEPENDENT GENERATOR; INDEPENDENT POWER MARKETER; INDEPENDENT RETAIL ELECTRIC PROVIDER; INVESTOR-OWNED UTILITY; MUNICIPAL (I.E. A MUNICIPAL-OWNED UTILITY OR A RIVER AUTHORITY); OR CONSUMER (WHICH HAS SUBSEGMENTS INCLUDING COMMERCIAL, INDUSTRIAL AND RESIDENTIAL). AN ENTITY MAY BE APPROVED FOR ADJUNCT MEMBERSHIP BY THE BOARD OF DIRECTORS IF SUCH ENTITY DOES NOT MEET THE DEFINITIONS AND REQUIREMENTS TO JOIN AS A CORPORATE OR ASSOCIATE MEMBER. CORPORATE MEMBERS HAVE THE RIGHT TO SELECT TECHNICAL ADVISORY COMMITTEE (TAC) AND TAC SUBCOMMITTEE REPRESENTATIVES AND TO BE ELECTED OR APPOINTED TO TAC AND TAC SUBCOMMITTEES. ASSOCIATE AND ADJUNCT MEMBERS DO NOT HAVE THE RIGHT TO SELECT TAC AND TAC SUBCOMMITTEE REPRESENTATIVES. ASSOCIATE MEMBERS HAVE THE RIGHT TO BE ELECTED OR APPOINTED TO TAC OR ANY SUBCOMMITTEE OF TAC. ADJUNCT MEMBERS DO NOT HAVE THE RIGHT TO BE ELECTED OR APPOINTED TO TAC OR TAC SUBCOMMITTEES BUT HAVE THE RIGHT TO VOTE AT THE PROTOCOL REVISION SUBCOMMITTEE (PRS). FORM 990, PART VI, SECTION A, LINE 7A EIGHT OF THE TWELVE DIRECTORS ARE APPOINTED BY THE ERCOT BOARD SELECTION COMMITTEE. THE ERCOT BOARD SELECTION COMMITTEE IS COMPRISED OF ONE MEMBER APPOINTED BY THE TEXAS GOVERNOR, ONE MEMBER APPOINTED BY THE TEXAS LIEUTENANT GOVERNOR, AND ONE MEMBER APPOINTED BY THE TEXAS SPEAKER OF THE HOUSE OF REPRESENTATIVES. THESE DIRECTORS MUST HAVE EXECUTIVE LEVEL EXPERIENCE IN ANY OF THE FOLLOWING PROFESSIONS: FINANCE, BUSINESS, ENGINEERING (INCLUDING ELECTRICAL ENGINEERING), TRADING, RISK MANAGEMENT, LAW, OR ELECTRIC MARKET DESIGN. THE REMAINING VOTING DIRECTOR IS THE EX OFFICIO PUBLIC COUNSEL DIRECTOR. THE THREE NON-VOTING DIRECTORS ARE ALSO EX OFFICIO DIRECTORS, THAT IS, CHAIR OF THE PUBLIC UTILITY COMMISSION OF TEXAS, A SECOND COMMISSIONER OF THE PUBLIC UTILITY COMMISSION OF TEXAS WHO ROTATES ANNUALLY, AND ERCOT'S CHIEF EXECUTIVE OFFICER. ALL TWELVE DIRECTORS MUST BE RESIDENTS OF THE STATE OF TEXAS. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS OF THE ERCOT BOARD ARE GENERALLY APPEALABLE TO THE PUBLIC UTILITY COMMISSION OF TEXAS, AN AGENCY OF THE STATE OF TEXAS. FORM 990, PART VI, SECTION B, LINE 11B THE 2024 FORM 990 WAS PREPARED INITIALLY BY THE FINANCE DEPARTMENT OF ERCOT. IT WAS REVIEWED BY ERCOT OFFICERS AS WELL AS INTERNAL LEGAL COUNSEL AND SUBMITTED FOR REVIEW BY ERCOT'S INDEPENDENT AUDITORS. THE FORM 990 WAS PROVIDED TO THE BOARD OF DIRECTORS IN ADVANCE OF AND FOR ITS CONSIDERATION AND INPUT AT ITS MEETING ON JUNE 24, 2025. THE FINAL VERSION OF THE 2024 FORM 990, INCORPORATING THE COMMENTS OF ALL THE FOREGOING, WAS THEN FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR ANNUALLY MUST EXECUTE AN ETHICS AGREEMENT FOR DIRECTORS, AND EACH EMPLOYEE ANNUALLY MUST ATTEND INTERNAL TRAINING SESSIONS AND EXECUTE AN EMPLOYEE ETHICS AGREEMENT. PURSUANT TO EACH ETHICS AGREEMENT, A SIGNATORY HAS AN AFFIRMATIVE DUTY TO DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST OF THE SIGNATORY AND ALSO MUST DISCLOSE ALL PERSONAL RELATIONSHIPS WITH ERCOT VENDORS, INCLUDING BUSINESS OR DIRECT OR INDIRECT OWNERSHIP INTERESTS. ANY CONFLICT OF INTEREST ISSUE INVOLVING A DIRECTOR IS REFERRED TO THE ERCOT GENERAL COUNSEL WHO, IN CONSULTATION WITH THE BOARD CHAIR AND OUTSIDE LEGAL COUNSEL IF AND WHEN NECESSARY, MAKES A LEGAL DETERMINATION AS TO WHETHER A CONFLICT EXISTS AND, IF SO, A RECOMMENDATION AS TO HOW IT MAY BE RESOLVED. ANY CONFLICT AND ITS RESOLUTION ARE REPORTED TO THE FULL BOARD OF DIRECTORS AND TO THE HUMAN RESOURCES AND GOVERNANCE (HR&G) COMMITTEE OF THE BOARD, AS NEEDED. ANY OBJECTION TO THE RECOMMENDATION IS RESOLVED BY THE HR&G COMMITTEE OR THE FULL BOARD. ANY ERCOT EMPLOYEE CONFLICTS ARE EVALUATED BY ERCOT LEGAL STAFF, WHICH THEN MAKES A RECOMMENDATION TO RESOLVE THE CONFLICT OF INTEREST. IF ERCOT LEGAL STAFF RECOMMENDS A RESOLUTION THAT IS OBJECTIONABLE TO THE MANAGER/DIRECTOR/OFFICER OF THE CONFLICTED EMPLOYEE, THE LEGAL DECISION IS REFERRED TO THE CHIEF EXECUTIVE OFFICER AND ULTIMATELY TO THE BOARD'S HR&G COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15 IN DETERMINING COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER, ERCOT FOLLOWS A PROCEDURE WHICH ENSURES I) COMPENSATION IS APPROVED IN ADVANCE BY THE HR&G COMMITTEE OF THE BOARD OF DIRECTORS AND THE BOARD ITSELF, (II) THE BOARD AND THE HR&G COMMITTEE OBTAIN AND RELY UPON APPROPRIATE MARKET DATA FOR COMPARABILITY, AND (III) THE BOARD AND THE HR&G COMMITTEE DOCUMENT THE COMPENSATION DETERMINATION. FURTHERMORE, THE PUBLIC UTILITY COMMISSION OF TEXAS SUBSTANTIVE RULES RELATED TO ERCOT GOVERNANCE REQUIRE THAT ALL COMPENSATION TO BE PAID TO THE CHIEF EXECUTIVE OFFICER IS SUBJECT TO REVIEW AND APPROVAL BY THE PUBLIC UTILITY COMMISSION OF TEXAS. THE HR&G COMMITTEE RECEIVES COMPENSATION INFORMATION FROM FORMS 990 AND OTHER SOURCES DURING ITS ASSESSMENT OF ERCOT'S CEO COMPENSATION. ADDITIONALLY, COMPENSATION SURVEYS/STUDIES ARE PERFORMED, AS NEEDED, TO PROVIDE INSIGHT INTO THE ELEMENTS OF COMPENSATION. THE HR&G COMMITTEE MAY ALSO REQUEST INFORMATION FROM INDEPENDENT COMPENSATION CONSULTANTS THE HR&G COMMITTEE SUBMITS COMPENSATION RECOMMENDATIONS TO THE BOARD FOR ITS APPROVAL BY ALL UNINTERESTED MEMBERS OF THE BOARD OF THE DIRECTORS (THAT IS, ALL BOARD MEMBERS EXCEPT THE CHIEF EXECUTIVE OFFICER, WHO IS REQUIRED TO ABSTAIN FROM SUCH VOTE). A REVIEW OF THE CHIEF EXECUTIVE OFFICER'S COMPENSATION IS PERFORMED ANNUALLY EXCEPT IN INSTANCES IN WHICH THE COMPENSATION IS PURSUANT TO PROVISIONS OF AN EMPLOYMENT AGREEMENT BETWEEN ERCOT AND THE CHIEF EXECUTIVE OFFICER FOR A TERM EXCEEDING A YEAR. SUCH AGREEMENTS MUST BE APPROVED BY THE BOARD OF DIRECTORS. IN DETERMINING COMPENSATION FOR OFFICERS, ERCOT FOLLOWS A PROCEDURE WHICH ENSURES THAT (I) COMPENSATION IS FULLY DISCLOSED IN ADVANCE TO THE HR&G COMMITTEE OF THE BOARD OF DIRECTORS, AND (II) THE HR&G COMMITTEE IS PROVIDED MARKET DATA FOR COMPARABILITY. THE CHIEF EXECUTIVE OFFICER INFORMS THE HR&G COMMITTEE OF PROPOSED OFFICER PAY AMOUNTS. FOR REVIEW OF ALL OFFICER AND KEY EMPLOYEE COMPENSATION, ERCOT USES PERFORMANCE AND MARKET DATA OBTAINED RELATING TO COMPARABLE COMPENSATION OF SIMILARLY QUALIFIED PERSONS IN COMPARABLE POSITIONS AT COMPARABLE ORGANIZATIONS, INCLUDING COMPENSATION SURVEYS AND FORMS 990. FORM 990, PART VI, SECTION C, LINE 19 ERCOT'S GOVERNING DOCUMENTS, CODE OF CONDUCT, AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH THE ERCOT WEBSITE (WWW.ERCOT.COM). TEXAS ELECTRIC MARKET STABILIZATION FUNDING M LLC 8000 METROPOLIS DR BUILDING E SUITE AUSTIN TX 78744 SECURITIZATION BOND SERVICE DE 11631225 418563694 ERCOT TEXAS ELECTRIC MARKET STABILIZATION FUNDING N LLC 8000 METROPOLIS DR BUILDING E SUITE AUSTIN TX 78744 SECURITIZATION BOND SERVICE DE 100192115 2082099485 ERCOT