This episode dives into NERC's urgent 2025 reliability risk report, which identifies six major themes challenging the bulk power system and demands a fundamental rethinking of traditional planning and operating approaches. Key regulatory shifts are underway, including new IRS guidance eliminating the 5% safe harbor for clean energy tax credits and FERC's approval of cost allocation methods for plants ordered to stay online, effectively institutionalizing a federal reliability "must-run" framework. The discussion also covers growing pressures from new large loads like data centers, with recommendations for them to supply their own generation, EPA concerns about battery energy storage system safety, and persistent natural gas supply chain issues in Texas. These simultaneous shifts highlight a rapidly changing energy landscape, signaling that "business as usual" is no longer viable and requiring utilities to be incredibly adaptive.