COO Zibelman Leaving PJM for New Position

VALLEY FORGE, Pa., May 24 /PRNewswire/ -- Audrey A. Zibelman, executive vice president and chief operating officer, has announced she will be leaving PJM Interconnection to become president and CEO of Nodal Exchange, LLC, a new organization designed to establish a variety of forward, financial products for the power markets.

"Audrey has been instrumental in guiding PJM through a period of rapid change," noted PJM President and CEO Phillip G. Harris. "She was critical to the PJM integration completed in 2005 and has led the company in the development of a number of key market instruments, including the expansion of the demand response programs, the creation of long-term financial transmission rights and the implementation of the capacity markets.

"Audrey also led efforts to reorganize the company to improve efficiency and productivity. She put in place a highly competent management team and effective business processes. The entire Board has expressed its appreciation for Audrey's contributions to PJM. We are all sorry to see her go but look forward to her leadership at Nodal Exchange."

"I am excited about the opportunity to lead Nodal Exchange," Zibelman said. "The mission of Nodal Exchange is to develop the platform for exchange- traded forward contracts that compliment the existing North American real-time power markets and provide additional benefit to the supply and demand participants in these markets.

"At the same time, I will miss PJM and I truly believe that PJM employees are the best in the world and day-in and day-out provide inestimable value to the public and our members."

Since joining PJM in 2004, Zibelman has had primary executive responsibilities for PJM's management of system operations, planning and markets, member relations and overall company administration. Zibelman has more than 25 years of utility experience in both the public and private sectors.

Zibelman agreed to stay on through late June to complete the transition. Harris noted that no decision has been made concerning her replacement.

PJM Interconnection ensures the reliability of the high-voltage electric power system serving 51 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 6,038 substations and 56,250 miles of transmission lines; administers the world's largest competitive wholesale electricity market; and plans regional transmission expansion improvements to maintain grid reliability and relieve congestion. Visit PJM at http://www.pjm.com/.