The report “Business Models of Virtual Power Plants (VPPs) in Germany” offers key insights about the development of VPPs in Germany and its contribution to power system flexibility, through conducting case studies of VPP business models and analysing the key power market and regulatory framework, in which VPPs are embedded; 2) reflects on key enabling factors for VPPs in particular, for its flexibility provision, in Germany. The report is published in the framework of the Sino-German Energy Partnership, commissioned by the German Federal Ministry for Economic Affairs and Energy (BMWi) and supported by the National Development and Reform Commission of China (NDRC) and the National Energy Administration of China (NEA). The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH implements the project under commis-sion of the political partners.