The Public Utility Commission of Texas is redesigning one of the largest wholesale electricity markets in the nation after winter storm Uri nearly collapsed the electric grid one year ago. The historic two-phased plan lays out ambitious reforms to the Electric Reliability Council of Texas (ERCOT) market rules to strengthen short-and-long term reliability. At the same time, ERCOT anticipates renewable resources could surpass the combined capacity of nuclear, coal, and natural gas before mid-decade. The intersection of these developments raises important questions for the industry. How will electric regulators balance reliability and affordability? How are power prices and existing power plants impacted by the new rules and the surge in low-cost renewable energy? What are the opportunities and challenges for new investment in the region? And how will the industry restore public trust in the electric grid?