Few industries have been as burdened by change over the past 25 years as utilities. Industry restructuring, globalization, deregulation, and digital technologies have upended a traditionally stable and comfortable operating model, characterized by a regulated monopoly, vertically integrated supply, predictable demand, long service lifecycles, and highly commoditized products. The scale of public utility operations, moreover – once a formidable asset and barrier to entry – has become a potentially massive liability in a disaggregated value chain as more agile intermediaries emerge, including resellers, digital-first utilities, and alternative sources of supply.