Today, we were delighted to welcome Neil Chatterjee, Former Commissioner and Chairman of the Federal Energy Regulatory Commission (FERC). Neil served as FERC Chairman from August –December 2017 and again from October 2018–November 2020. During his tenure, he championed several strategic initiatives, including streamlining the liquified natural gas application review and approval process, and advancing the use of technology to mitigate physical and cyber threats to critical energy infrastructure. Prior to his service at FERC, Neil was an advisor to Senate Majority Leader Mitch McConnell and worked for the National Rural Electric Cooperative Association. He currently serves as Chief Government Affairs Officer at Palmetto, a Senior Advisor at KKR, a Distinguished Visiting Fellow at the Center on Global Energy Policy, and a Senior Policy Advisor at the Climate Leadership Council, in addition to serving on the Bipartisan Policy Center’s Board of Directors. We were honored to host Neil at our offices in Houston for an insightful and engaging discussion.
 
In our conversation, we explore Neil’s perspective on the evolving U.S. energy landscape amid surging electricity demand, geopolitical pressure, and the rapid growth of artificial intelligence. Chatterjee explains the unique structure and independence of FERC, emphasizing that this design has helped the agency maintain policy stability even as presidential administrations swing between dramatically different energy priorities. He argues that energy security has become synonymous with national security and that FERC now sits at the center of balancing reliability, affordability, and decarbonization. The discussion highlights how new pressures from data centers, electrification, and reindustrialization are straining a grid shaped by decades of flat demand and policy drift. Chatterjee also reflects on past regulatory controversies, noting that AI-driven load growth may finally push the country beyond polarized debates about “fossil versus clean energy,” because meeting demand will require every available resource, from gas and coal to solar, storage, nuclear, and distributed generation technologies. Neil dives into the operational, political, and economic complexities of meeting this surge in power demand. Chatterjee outlines the emerging challenge of large-load interconnection is how to quickly connect massive hyperscaler data centers without destabilizing markets or burdening consumers, and praises a recent DOE directive that gives FERC flexibility (linked here), while insisting on quicker pathways to power. He details trade-offs such as hyperscalers funding grid upgrades in exchange for curtailment obligations, growing tension between utility and market-based models, and the need for aggressive permitting reform to build pipelines and transmission. He notes that time-to-power constraints favor near-term solutions such as solar-plus-storage paired with gas peakers, while advanced nuclear and new gas capacity remain years away. Throughout, he stresses the importance of depoliticizing energy policy and “empowering the nerds”— letting engineers, economists, and market designers, not political cycles, guide decisions on reliability, infrastructure, distributed resources, and the evolving relationship between front-of- and behind-the-meter systems. It was a tour de force and we greatly enjoyed the discussion.
 
Mike Bradley kicked off the show by noting that U.S. markets are laser-focused on Wednesday’s FOMC rate decision. On the bond market front, the 10-year Treasury yield has risen to approximately 4.17% (up from 4% two weeks ago) amid growing concern that the Fed may not deliver the multiple interest-rate cuts expected in 2026. He added that a 25-basis point rate cut is anticipated at the meeting and that Chairman Powell’s press conference, particularly his tone and comments on Fed independence,