In this policy analysis exercise (PAE), we analyze the North American electric power infrastructure and offer recommendations for reducing vulnerabilities. We examine the electric power industry, the threats to it, its vulnerabilities, and its relationships with other organizations. Our major sources of information consist of interviews, attendance at an infrastructure protection conference, and extensive academic research. Our recommendations focus on reducing three specific vulnerabilities: physical terrorism, cyber attacks and confluence of events. Finally, we assess the benefits of our recommendations and the obstacles to implementation.