Wholesale markets will play a key role in driving investment in the flexible resources needed to ensure reliability as the share of intermittent renewable resources grows. The author identifies three areas where power markets can adapt to enable an affordable, reliable transition to a power system with a large share of renewable energy. These are a) recognize the value of energy efficiency, b) upgrade grid operations to unlock flexibility in the short-term, and c) upgrade investment incentives to unlock flexibility in the long-term.