The electric power industry is in the midst of a dramatic transformation driven by technology, policy, and regulatory change. Wind, solar, and energy storage are growing rapidly and reshaping power supply. Meanwhile, greater electrification is expected to have widespread demand-side impacts. Wholesale power markets are evolving to accommodating the shifting landscape, but further adaptation will be necessary to maintain reliable and resilient markets. What will become of energy markets in a low-carbon future? What new pricing mechanisms may emerge? Are there limits to what markets can achieve? What lessons about market design have we already learned?