Business
Riot to Constitute Advisory Board; Will Feature Former ERCOT Interim-CEO Brad Jones
Castle Rock, CO, May 23, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin mining and data
About this update from Riot Platforms, Inc.
[{"type":"text","content":"Castle Rock, CO, May 23, 2023 (GLOBE NEWSWIRE) -- Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), an industry leader in Bitcoin mining and data center hosting, announced today that it is constituting an Advisory Board, which will reflect Riot’s commitment to having world-class talent provide advisory services to its executive leadership team and Board of Directors. Riot’s first Advisory Board member will be Brad Jones, the former Interim President and CEO of the Energy Reliability Council of Texas (“ERCOT”), which manages ninety percent of the state’s power supply, monitoring over 50,000 miles of transmission lines and over 1,100 power generation units. “We are honored to welcome Brad Jones to the Riot Platforms team,” said Jason Les, CEO of Riot. “Brad’s expertise and distinguished career in the energy sector are unmatched. We are confident that Brad will not only help our business compete and thrive, but also maximize our demand response activities to help stabilize the grid for the benefit of all Texas ratepayers.” “I am thrilled to become a member of Riot’s Advisory Board because Riot is an industry leader in Bitcoin mining, and I am pro-Bitcoin,” said Brad Jones. “Riot and Bitcoin mining provide tremendous benefits to the ERCOT grid. Bitcoin miners purchase and utilize excess generation and create market-driven conditions for investment in further generation, much of which is increasingly renewable, such as wind and solar. In addition, due to their ability to power down quickly, they are also ideal participants in demand response programs, which are designed to help stabilize the grid during periods of high demand and extreme weather events. I am excited to help the Company capitalize on its strong potential.” Mr. Jones led ERCOT from May 2021 to November of 2022 following a winter storm which caused widespread power outages. During his eighteen months leading ERCOT, grid reliability dramatically improved, with ERCOT successfully completing nearly sixty major initiatives. He previously served as President and CEO of the New York Independent System Operator and held several leadership positions with Luminant (formerly TXU). Mr. Jones has over thirty years of experience in the competitive electricity industry, including growing, developing, restructuring, and optimizing competitive electricity businesses; desig...