PJM Interconnection announced this week that president & CEO Manu Asthana has decided to step down from his role as the head of the nation’s largest power grid at the end of 2025 and will serve as senior advisor to the PJM board through June 2026.
The transition comes amid soaring electricity prices that have drawn public outcry in the 13 states served by PJM, including New Jersey where electricity rates will increase up to 20.2% beginning in June for residents and small to medium businesses. PJM has blamed the price increases on record demand and shrinking capacity due to the retirement of fossil-fuel plants.
In its April 14 announcement, PJM said that its Board of Managers has launched a search committee for the next CEO and that Asthana has provided strong leadership during a time of significant changes in the electricity industry.
“Under his leadership, PJM successfully navigated the COVID-19 pandemic, significant market reforms, interconnection process enhancements, the buildout of a robust risk management function, and the delivery of world-class grid reliability through a variety of extreme weather events,” said PJM Board Chair Mark Takahashi.
“He has been a vocal advocate for grid reliability needs, helping shape the national conversation around the importance of finding ways to reliably serve rapidly expanding demand for electricity,” Takahashi said.
Asthana and the board have worked together to develop PJM’s internal succession pipeline, Takahashi said. “We have a strong Executive Team, including internal succession candidates. We will also consider external candidates for this role.”
The PJM Board has formed a CEO Search Committee and has engaged Korn Ferry to assist with the search. The PJM board intends to solicit input from PJM members and stakeholders as part of its search process, which is targeted to conclude later this year.
“My five-plus years at the helm of PJM have been some of the most fulfilling of my career,” Asthana said. “I am especially appreciative of the opportunity to have led PJM’s remarkably talented, diligent and committed people, who work hard every day to keep the power flowing for 67 million people.”
“The time has now come for my wife and me to move back to be closer to our family and friends in Texas,” Asthana said. “I look forward to continuing to lead the organization through the end of the year and to helping facilitate an orderly transition to my successor.”
PJM Interconnection is a regional transmission organization (RTO) that directs the operation of high-voltage electric power system with over 1,100 member utilities serving 67 million people in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia. PJM coordinates and directs the operation of the region’s transmission grid, which includes 88,333 miles of transmission lines; administers a competitive wholesale electricity market; and plans regional transmission expansion improvements to maintain grid reliability and relieve congestion.
