Manu Asthana to step down as PJM CEO
Manu Asthana is stepping down from PJM amid an 800 % surge in capacity prices, sparking scrutiny, market reforms, and political backlash.
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USA: PJM Interconnection CEO Manu Asthana has announced he will step down at the end of the year, a decision that comes as electricity prices across the grid operator’s 13-state footprint face mounting scrutiny.
Asthana, who has led PJM since 2020, cited a desire to move closer to family in Texas. “My five-plus years at the helm of PJM have been some of the most fulfilling of my career,” he said in a statement.
PJM’s board praised Asthana for steering the organization through a period of intense industry change, including the COVID-19 pandemic, major market reforms, and weather-related challenges. A search committee has been launched to identify his successor.
The announcement follows a controversial 2023 capacity auction, where prices spiked over 800 % from the previous year. PJM attributed the surge to a shrinking base of fossil-fueled power plants, which typically provide steady, around-the-clock electricity.
The price hike triggered public outcry, with consumer advocates, environmental groups, and even the governor of Pennsylvania criticizing the auction process. Some alleged that PJM unjustifiably excluded certain plants, driving up costs. The organization has since delayed its 2024 auction and begun implementing reforms.
PJM, which serves over 67 million people and hosts the world’s largest data center hub, now faces a pivotal leadership transition during a time of deepening energy and policy challenges.
Source: Reuters
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