Abstract
This chapter aims to redress traditional conceptions of the electricity value chain which have focused heavily on costs on the grid side of the meter. DER is now driving a great rebalancing, rattling the value chain and refocusing the sector on costs and benefits behind the meter. Most assets are behind the meter and the consumer surplus from energy services is almost certainly the largest segment of the value chain. This raises questions about the relevance of the meter as the key dividing line in the industry value chain. The chapter then considers the implications of this great rebalancing for cost reflective pricing and regulation.
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