The Twenty-Third Annual Illinois Energy Conference entitled,``Energy and Environmental Policy in a Period of Transition`` was held in Chicago, Illinois on November 20--21, 1995. The conference program explored how federal policy in energy and environment is changing and how these shifts will impact the economy of the Midwest. The conference was divided in four plenary sessions. Session 1 focused on the national policy scene where speakers discussed proposed legislation to change federal energy and environmental policy. Session 2 looked at the future structure of the energy industry, projecting the roles of natural gas, the electric utility industry, and independent power producers in the overall energy system of the 21st century. Session 3 examined current federal policy in research and development as a baseline for discussing the future role of government and industry in supporting research and development. In particular, it looked at the relationship between energy research and development and global competitiveness. Finally, Session 4 attempted to tie these issues together and consider the impact of national policy change on Illinois and the Midwest.