By Christen Smith and Rich Heidorn Jr.
PJM on Monday named former Direct Energy executive Manu Asthana as its choice for president and CEO, ushering in a new era of leadership at the RTO after a tumultuous year of internal reorganization and executive departures. He will join PJM on Jan. 1.
“We welcome Manu to lead PJM into the future,” PJM Chairman Ake Almgren said in a press release. “The electric industry is rapidly changing and PJM needs to continue to evolve. Manu comes to PJM with a wealth of experience from the electricity value chain and we are confident that he will bring new and important perspectives to the organization.”
Asthana’s two-decade career in the energy industry includes a stint as TXU Corp.’s chief risk officer and overseeing both power generation operations and energy trading for Direct Energy, a subsidiary of U.K.-based Centrica.
As president of Direct Energy Home in North America from 2015 through 2018, he led a staff of more than 2,600. The company, which offers retail electricity, home warranties, HVAC services and appliance rentals, claims to serve 3.4 million residential and small business customers in the U.S. and Canada.
Almgren said Asthana’s expertise will enhance PJM’s engagement with members and policymakers. Asthana has a bachelor’s degree in economics from The Wharton School at the University of Pennsylvania.
Asthana, his wife, Aparna, and their family will relocate to the Philadelphia area from Texas, where he served on the boards of Texas Children’s Hospital, the Houston Food Bank and Child Advocates.
Year of Change
PJM’s year of change began in February when longtime CFO Suzanne Daugherty announced her retirement amid the RTO’s overhaul of its credit policies and financial risk procedures following the default of GreenHat Energy.
Daugherty found herself the target of PJM members’ ire after GreenHat amassed 890 million MWh of financial transmission rights while putting up only $600,000 in collateral.
Her retirement was announced by CEO Andy Ott, who himself retired in May, two months after an independent probe into the GreenHat debacle concluded PJM staff ignored red flags about the company’s assets and exhortations from other members about the portfolio’s financial shortcomings. (See ‘Naive’ PJM Underestimated GreenHat Risks.)
The executive departures continued after interim CEO Susan Riley stepped in for Ott. In September, Riley announced the resignation of Vice President Denise Foster and the restructuring of the State and Member Services Division that she had headed. Foster had no role in the GreenHat episode. (See Stakeholders, States in Dark over PJM Personnel Moves.)
Last week, General Counsel and Senior Vice President Vince Duane resigned after more than 16 years “to pursue other opportunities.”
Almgren said Riley will resume her position with the board once Asthana assumes his role next year.
“We highly appreciate Sue Riley for her leadership during this challenging time,” he said. “She has been working with PJM management, members and policymakers in dealing with the many issues at hand at PJM and has laid a strong foundation for Manu to build on going forward.”