This episode unpacks the significant and often contradictory shifts rocking the electric utility space, from federal policy realignments to assertive state actions, all while the grid faces serious operational strains. We delve into the Department of Energy's controversial climate report, the IRS's game-changing rules for wind and solar projects, and a surprising federal pivot on global carbon pricing for shipping. Across states, we examine Virginia's net metering decision, West Virginia's rate increase via securitization, California's NEM 3.0 rehearing, and New York's debate over all-electric buildings, alongside PJM's struggle with data center load and volatile natural gas prices. Ultimately, this turbulent landscape increases regulatory uncertainty and project risk, forcing utility professionals to rethink strategic planning and investment decisions amidst a rapidly evolving energy future.