The U.S. electric power sector faces a critical juncture, grappling with unprecedented demand, strained supply chains, and a fluctuating policy landscape. Energy-hungry data centers are driving an exponential surge in electricity costs, accounting for 70% ($9.3 billion) of PJM Interconnection's increased expenses last year. Compounding this, a severe supply deficit for large power transformers—projected at 30% for 2025—threatens basic grid maintenance and severely slows recovery from outages, posing a national security concern. Amidst complex regulatory shifts, emerging security threats, and shifting geopolitics, utilities are adapting through consolidation and integrating energy storage as core assets, all while balancing immediate cost pressures with vital long-term investments for a resilient and evolving grid.