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Power systems are among the largest and most complex systems ever created by humans. Transforming them will be a correspondingly complex process. As chronicled in previous reports from the 21 st Century Power Partnership, power system transformation has multiple drivers-for example technological advances, policy goals, and social changeand multiple enablers, especially policy, financial, and technical innovation. Perhaps one of the most significant trends in power system transformation is the growing democratization and diversification of supply. Enabled by technological, policy, and business model innovations, power systems are moving from being purely centralized systems to a more complex and interacting set of systems at multiple levels. In particular, transformation entails more decentralized assets, where consumers gain more ability to choose, and where distributed solutions are an integral part of the electricity system. These innovations are fueling the growth of energy entrepreneurship, disrupting traditional energy business models and enabling new models for achieving secure, affordable, and clean power systems. In turn, this evolution has implications for the regulatory compact, in which regulated monopolies are increasingly subjected to competition not only to promote cost reductions, but also to introduce more innovation, improved reliability, and greater environmental sustainability. v This report is available at no cost from the National Renewable Energy Laboratory (NREL) at www.nrel.gov/publications.

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