Few people in the utilities industry have escaped the buzz surrounding the energy transformation. There is not a day that goes by without a new announcement about how the decentralization of energy will transform utility business models or which technology vendors are offering new disruptive products and services. All indicators suggest that transformation will occur; yet, it will happen at different speeds around the world, and the dynamics of the transformation are equally different. The transition to renewable energy is gathering pace, causing transformation in the way distribution networks are managed. However, if everything written on the subject is to be believed, the entire industry is on the fast track to transformation. This is not the case; while a minority of companies are blazing a trail, for the majority, the train has not quite left the station. And for these organizations, the hype is little more than noise, making it difficult to work out fact from fiction. No two markets are the same, and no two companies operating in the same market are the same. Consequently, each utility’s transformation will be different. This Navigant Research report highlights some of the leading examples of business model transformation specifically within distribution networks. The study also discusses some of the factors creating the conditions that have forced change on distribution utilities. It aims to be a practical introduction to industry transformation for the majority that have yet to make significant changes to their businesses.