(The Texas Tribune) - The president and CEO of the Electric Reliability Council of Texas secured approval for a contract Tuesday that could pay up to $6. 5 million next year, which would have made him one of the highest paid executives of an independent system electric grid operator in the country.

But board members of the entities that respectively operate and regulate the state's main power grid reversed their decision, according to Lt. Gov. Dan Patrick.

Both ERCOT and the Public Utility Commission, which regulates the grid, advanced a six-year contract extension for Pablo Vegas on Tuesday during ERCOT's regular board meeting.