Inspiring and driving innovation is a principal task of companies and management and an entrepreneurial mindset and the capabilities to innovate are traits to promote in the corporate culture. Business Model Innovation is understood as one of the significant components for the success of a company and is therefore of exceptional importance for businesses. Just as established companies in other industries, electric utilities, i.e., companies that are active in the field of electricity generation and sale of electricity to customers, struggle to innovate their still profitable Business Model, whose future potential is questioned by technological, social, and regulatory changes. This Thesis gives an overview of the definitions for the concept of Business Models that is used in a variety of disciplines, such as economics, business management, strategy, and technology. The typical elements of a Business Model are presented and the differences to Business Strategy are explained. Then, reasons for and opportunities created by Business Model Innovation are presented, followed by a systematic approach to the process of Business Model Innovation. After discussing current technological and social trends as well as regulatory changes influencing the business environment of electric utilities, their traditional Business Model is explained and new Business Models are elaborated based on the presented process of Business Model Innovation and well-known Business Model patterns used in other industries.