North American wholesale electricity markets during the week ending January 23, 2026, were marked by a shift toward increased winter operational preparedness and notable regulatory actions addressing the rapid growth of large-scale loads. In the Eastern Interconnection, PJM and NYISO experienced heightened volatility as winter demand and localized supply constraints drove real-time prices to seasonal highs, while the Trump administration's effort for an emergency 'Backstop Procurement Auction' in PJM added a layer of regulatory uncertainty. Meanwhile, the offshore wind sector achieved a key judicial victory to sustain construction momentum amid a changing federal policy environment. In the central regions, MISO reported a significant 2-GW increase in projected planning load, emphasizing the real impact of industrial and data center expansion on resource adequacy requirements.