PJM Interconnection has announced that its President and CEO, Manu Asthana, will step down by the end of 2025. He will then become a senior advisor to the PJM board until June 2026. This leadership change is occurring while electricity costs are rising in the 13 states under PJM's service, including a 20.2% rate increase for small and medium businesses in New Jersey from June.
The organization attributes the rate hikes to escalating demand and reduced capacity following the retirement of fossil-fuel plants. In a statement from April 14, PJM highlighted Manu Asthana’s effective leadership during significant shifts in the electricity sector.
“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,” stated Mark Takahashi, Chair of the PJM Board.
Takahashi also noted Asthana's advocacy for grid reliability and contributions to discussions on managing increasing electricity demands. He added, "We have a strong Executive Team, including internal succession candidates. We will also consider external candidates for this role."
The PJM Board has initiated a search for Asthana's successor, involving Korn Ferry in the recruitment process. The search is expected to be completed within the year, with input from members and stakeholders of PJM.
Asthana remarked on his tenure at PJM, expressing gratitude for working with dedicated individuals and indicating a personal move closer to family in Texas as his reason for stepping down. “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.
PJM Interconnection manages a power transmission network across several states, ensuring reliable service for over 67 million people through an extensive system that includes more than 88,000 miles of transmission lines.
