Wholesale power markets entered the first week of July with summer reliability risk shifting from a planning concern to an operating condition, especially in the eastern United States. PJM faced the most acute stress, with hot-weather alerts, maximum-generation and load-management actions, low-voltage procedures, a Department of Energy emergency-order request, and materially elevated real-time price volatility during the heat event. NYISO also issued an Energy Watch on July 2 as operating reserves declined, while ISO New England continued to report day-ahead and real-time prices through normal market channels and maintained its summer preparedness posture. The week underscored that extreme heat, tight reserves, and transmission constraints remain primary drivers of marginal reliability risk in North American wholesale markets.