On August 26, 2026, President Trump issued Executive Order 14421, Declaring a National Emergency to Secure the United States Bulk-Power System. The Order establishes a new national security regulatory framework for a broad range of equipment, software, services, and supply chain relationships associated with the U.S. electric grid. Although the Order is framed as a grid security measure, its implications extend well beyond utilities.

Equipment manufacturers, project developers, utilities, contractors, lenders, investors, data center operators, and others participating in the energy sector may all be affected. The Order introduces new restrictions and uncertainty into energy infrastructure procurement and supply chains and, critically, it represents a fundamental shift in how the federal government approaches security risks in the energy sector.