On June 2, President Obama is expected to unveil EPA’s proposed regulations to reduce greenhouse gas emissions from existing power plants. The regulations, among the most momentous ever issued by the EPA, will be issued under Section 111(d) of the Clean Air Act and implemented by each of the fifty states. Complex legal, economic, and political issues will be put in play. The EPA rulemaking process, expected to last one year, will likely be highly contentious. At the same time, each state will begin to assess its implementation options, which could impact all aspects of the electricity industry.