VALLEY FORGE, Pa., Dec. 3, 2010 /PRNewswire/ -- PJM Interconnection, the nation's largest electric grid operator serving 51 million people in 13 states and the District of Columbia, received the 2010 Platts Global Energy Award for Industry Leadership. This award recognizes an energy company that has taken decisive action resulting in a substantial transformation or change of direction in the energy industry.
"PJM's sustained operating performance and commitment to ethical behavior among its market participants has set a high standard for all competitive energy markets and earned them the 2010 Industry Leadership Award," according to Platts.
Platts noted PJM's successful credit reforms that have accelerated settlement processes, enhanced collateral requirements, returned $1 billion in working capital back to PJM member companies and enacted stronger credit rules for affiliated firms under one corporate umbrella. In addition, PJM was cited for strengthening competitive wholesale markets against manipulation through a variety of means.
"PJM is laser-focused on just three things: excellence in reliability, fair and efficient markets that produce transparent and competitive results, and infrastructure planning. On behalf of our employees and members, I am honored to accept this award that recognizes PJM's dedication to preserving the integrity of wholesale electricity markets to better serve our members and maintain efficient and reliable operations," said Terry Boston, PJM president and CEO.
The Global Energy Awards were established in 1999 to recognize outstanding achievement and vision in the global energy industry. Platts is a division of The McGraw-Hill Companies, a global provider of energy information. More than 200 entrants from across the world submitted nominations for recognition in the award categories.
PJM Interconnection, founded in 1927, 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 56,500 miles of transmission lines; administers a competitive wholesale electricity market; and plans regional transmission expansion improvements to maintain grid reliability and relieve congestion. Visit PJM at www.pjm.com.
SOURCE PJM Interconnection