Grid modernization is a critical issue for US Capital region utilities, as well as for independent system operators like PJM and utilities on other areas. This panel will address the following questions, primarily with respect to the US Capital area utilities: How should we modernize the current grid under various uncertainties? What, if anything, can Intelligent Grid investments do to lessen the risk of service interrup- tion or violent failure or both? How will regulators support the use of ratepayer funds to replace or repair assets that are often underground and invisible until they fail? Is this an ?old city? problem, or does it have corollaries in suburban and rural areas?