NERC's 2025 State of Reliability (SOR) finds that the North American bulk power system (BPS) remained reliable and resilient in 2024. The SOR shows that today’s transmission system is demonstrably more reliable and resilient with the severity and duration of outages declining, and system restoration times becoming shorter. By objective measures, conventional risk to the system has been reduced considerably, and trends continue in a positive direction. However, newer and emerging risks are challenging grid reliability in new ways, which will require agility to better assess these risks, and develop and implement mitigations, all while the system undergoes rapid transformation.