This paper is intended to advance conversations on the design of forward-looking regulatory models as electric distribution companies face various challenges, including improving resilience during severe weather events, replacing aging infrastructure, integrating greater quantities of distributed and variable renewable generation and securing systems against cyber and physical attacks. The paper examines the benefits of modernizing the power grid, the development and limitations of cost of service regulation, the incentives provided by alternative approaches to regulation and how a results-driven regulatory model could support the transition to an efficient, reliable and sustainable power system. (See also the related video.)