The president and CEO of the Electric Reliability Council of Texas will make $6. 5 million next year, making him the highest paid executive of any independent system electric grid operator in the country.

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

Vegas will make the record salary in 2027 under the first year of the contract, which includes a final $1. 4 million "make-whole" payment negotiated under the terms of Vegas' first contract approved in 2022, the year he assumed the top role at the nonprofit, according to a board presentation of the terms of the contract.