The operational week of November 15–21, 2025, was shaped by a conflict between immediate winter reliability issues and major long-term structural reforms. While natural gas prices held around $4.00/MMBtu, NERC’s Winter Reliability Assessment showed a divided view of the grid, emphasizing that although normal conditions are maintained, areas like the Midwest, Texas, and New England remain highly vulnerable to extreme weather. Major policy changes took place, including Pennsylvania’s withdrawal from RGGI and MISO’s $12.3 billion transmission plan, while in the West, competition increased as SPP’s Markets+ secured funding to challenge CAISO’s EDAM.