The triple transition—decarbonization, decentralization and digitalization—is rendering obsolete traditional power sector value chains. Value networks are emerging, which will significantly alter the power sector’s landscape and call into question the long-term viability of the traditional electric utility business models. There are two broad categories of drivers triggering the transition from value chains to value networks: (1) regulatory influences and government policy changes, and (2) technological innovations, transforming the grid edge. This paper is concerned with the second category of transformation drivers, particularly distributed generation and storage (relatedly, prosumage), demand side management, digitalization, and cross-sector coupling (e.g. electrification of transportation). The paper provides a conceptual framework to better understand the emergence of value networks in the power sector and implications thereof, and uses network metrics to empirically assess incumbent utilities’ disruption risks.