On November 11, 2025, Jason Gray gave two presentations at NASUCA’s 2025 Annual Meeting in Seattle. First, Mr. Gray participated in a panel discussion about DOE’s proposed ANOPR on large load interconnections. Representing a broad range of interests and views, the panel included former FERC Chairman Wellinghoff; Virginia Corporation Commission Judge Bagot; and Jeff Dennis, a former FERC advisor who currently serves as the Executive Director of the Electricity Customer Alliance. Mr. Gray shared his perspective on the lack of precision regarding the ANOPR’s scope and intent, the ANOPR’s potential impacts on retail customers, the jurisdictional implications of FERC regulation of large load interconnections, and the potential timing for any final rule. Mr. Gray’s second presentation provided attendees with unique insights into recent developments at FERC. Mr. Gray also highlighted three areas where FERC’s continuing inaction is continuing to have substantial, adverse impacts on wholesale customers: (1) the Supplemental NOPR on reforms to FERC’s transmission incentives policy, which has sat dormant for nearly five years; (2) the Notice of Inquiry on the propriety of recovering association dues through wholesale transmission rates, which has had no meaningful activity in nearly four years; and (3) the technical conference proceeding on cost containment and transmission planning, which has seen no meaningful action in over three years.