This chapter analyses the Grand Ethiopian Renaissance Dam (GERD) both as an outcome of changes in the regional hydropolitical dynamics and as a catalyst of further change in terms of future cooperation developments in the Nile Basin region. First, it analyses the GERD in the context of changing power relations, including a critical discussion of the role of multilateral cooperation process and norms, and its direct and indirect contributions to influence the relations between upstream and downstream riparians. Second, it examines the GERD as a shaper of future hydropolitical dynamics, and how the complex trilateral cooperative process around the GERD (2011–2016) can actually represent constructive step towards wider institutional transboundary cooperation and regional economic integration in the Nile Basin.