Newark, N.J.-based Public Service Enterprise Group (PSEG) and Bridgewater, N.J.-based Energy Storage & Power LLC (ES&P) have jointly announced that Stephen C. Byrd will become president and CEO of ES&P, effective June 22.
Byrd will oversee ES&P's efforts to bring the advanced, second-generation compressed air energy storage technology and related power augmentation to the market.
Byrd has been senior vice president of finance, business development and mergers and acquisitions for PSEG, as well as president of PSEG Energy Holdings. Prior to joining PSEG, Byrd was executive director of the global energy and utilities group at Morgan Stanley.
‘As a former investment banker and with experience developing renewable energy projects as the head of PSEG Energy Holdings, Stephen is the right person to lead this exciting joint venture,’ says Ralph Izzo, president, chairman and CEO of PSEG.
‘Large-scale energy storage is a critical missing piece of the energy puzzle. As renewable generation sources become an increasingly large source of power supply, the importance of energy storage will increase dramatically.’
In related news, Randall Mehrberg, executive vice president of strategy and development for PSEG, will become chairman of ES&P and president of PSEG Energy Holdings.
SOURCES: Public Service Enterprise Group, Energy Storage & Power LLC