In this chapter we analyze the challenges that European multinational enterprises (MNEs) in the electric utility industry face in the transformation of the electric utility industry, going from a production and value chain-based business model toward more customer oriented and network-based business models. More specifically, we describe and analyze how seven European MNEs respond and change business models to navigate in the new sustainable energy landscape. We use business model innovation theory to identify patterns among MNE electricity utilities engaging in the sustainable transformation of the energy landscape electric utility industry. We identify two types of incumbent responses to the sustainable transformation of the electric utility industry: proactive and reactive Goliaths. We observe that cooperation between successful start-ups, Emerging Davids, and Proactive Goliaths with new innovative business models, organizing the cooperation in separate units, and disconnected from the core business could leverage the sustainable transformation of industries.