Microgrids introduce new opportunities for participation in evolving energy markets while requiring robust, adaptable business models to ensure financial sustainability and stakeholder engagement. This chapter identifies key market structures—including wholesale, balancing, regulation, and emerging retail markets—and aligns them with roles played by core microgrid actors, such as operators, distributed energy resources (DERs) and storage owners, aggregators, and service providers. The chapter explores vertical integration and highlights the interaction between technical components (e.g., DERs, storage units, control systems) and organisational stakeholders (e.g., distribution system operators (DSOs), transmission system operators (TSOs), retailers). It reviews existing and proposed transaction frameworks within these markets, including ancillary service provision and dynamic pricing strategies. Business model frameworks for both DSOs and energy suppliers are analysed, detailing their revenue streams, expense structures, and the impacts of rising DER penetration. Additionally, the chapter presents utility-driven microgrid business models—rate-base, operation and maintenance (O&M) contracts, design–build–own–operate–maintain (DBOOM), and public-private partnerships—alongside their advantages and trade-offs. These models are evaluated based on ownership structures, risk allocation, and potential for regulatory compliance and customer value creation. The chapter concludes by emphasising the importance of aligning market participation strategies with well-structured business models to support microgrid deployment, incentivise investment, and secure long-term operational and financial viability.