News that the CEO of the state’s grid operator is resigning provides an opportunity for the company to “reform its practices,” a New Jersey Senate Democrat said Tuesday.
Sen. John Burzichelli (D-Gloucester) said PJM Interconnection President and CEO Manu Asthana’s impending departure should signal a change in priorities for the company, which Democrats have blamed for skyrocketing electric rate hikes.
“The departure of PJM’s President is an opportunity for the organization that determines our utility rates to reform its practices to prevent the spikes in electric bills that have been imposed on New Jersey ratepayers,” Burzichelli said in a statement. “As the disastrous results of the latest energy auction show, the current system is broken.”
Burzichelli sits on a legislative committee that has been tasked with examining rate hikes.
Asthana announced Monday that he’s stepping down at the end of 2025 after five years at the helm of the Pennsylvania-based PJM, which operates the electric grid for 13 states, including New Jersey.
The change comes as Democrats in the Legislature fret over rising electricity rates that are scheduled to increase in June.
PJM critics have griped that renewable energy projects that could lower consumer costs are languishing in the company’s interconnection queue, the waiting list for generation projects looking for permission to connect to the grid.
The company has said spikes in demand and lower supply drove up the price of electricity. Republican lawmakers, meanwhile, say Gov. Phil Murphy’s focus on renewable energy sources has caused the spike in rate hikes by decreasing the state’s energy supply.
Sen. Andrew Zwicker (D-Middlesex), when asked about Asthana’s retirement during an energy-focused press conference Tuesday, quipped that he thought “PJM couldn’t retire outdated and expensive things.”
“It doesn’t really matter who is at the head,” Zwicker said. “We should make sure that whoever that person is understands the importance of queue reform happening quickly.”
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