Europe’s distribution grids are the backbone of the digital and energy transition. They connect the dots by integrating the majority of renewables, enabling the creation of new services for consumers, and ensuring a reliable electricity flow. €375-425 billion of investments are needed to make them fit-for-purpose in an increasingly decarbonised, decentralised and digitalised power system. While this may seem challenging, the overall societal benefits massively outweigh the economic impact. Where these investments need to take place? What are the main drivers of this transformation? What policy changes are needed to trigger these investments?