Many traditional utility organizations structure themselves according to assets or functions, which seems logical — after all, it is easy to see the company as comprising major assets and people. For a small utility with limited growth potential, this can often be the right approach. However, for larger, more complex utilities, this mindset potentially leaves value on the table. For these businesses, there is another way: They can reinvent themselves as portfolio managers of multiple (but discrete) lines of business that were otherwise hidden in the broader business. This approach provides sharper commercial focus and unlocks enormous latent potential.