CPS Energy’s board of trustees has nominated interim chief executive officer Frank Almaraz to become the San Antonio-owned utility’s permanent president and CEO.
The board voted unanimously to suspend a broader search for a new CEO and begin a 30-day negotiation period with Almaraz. Trustees are expected to vote on his contract at their meeting this month.
Almaraz took over as interim CEO in June after Rudy Garza left CPS Energy to become general manager of the Lower Colorado River Authority. Almaraz returned to CPS Energy earlier this year as chief operating officer.
He previously worked for the utility from 2011 to 2022, holding several senior leadership positions, including chief financial officer and chief power, sustainability and business development officer. Before returning to CPS Energy, he served as CEO of Braya Renewable Fuels and interim president of Young Brothers, a Hawaii transportation company.
Board chair Francine Romero said the utility initially planned a broad search for a leader with experience navigating the Electric Reliability Council of Texas (ERCOT) market, utility financing and infrastructure demands. After months of discussions, the board determined that Almaraz’s experience made him a qualified candidate for the job.
The permanent appointment comes as CPS Energy faces a series of challenges. The utility is responding to rapidly increasing electricity demand linked in part to data center development, major transmission projects and a multiyear software upgrade. It is also dealing with evolving state energy regulations.
Story by Jacob Fisher; photo courtesy of CPS Energy
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