This analysis from the National Association of Regulatory Utility Commissioners (NARUC) evaluates existing practices of calculating the value of resilience in Distributed Energy Resources (DERs) installed within an energy distribution system. The report examines how the value of resilience was calculated and was applied in both regulatory decision-making and non-regulatory cost-benefit analyses, and provides state regulators with guidance for taking resilience into account when evaluating investments in DERs in the face of high-impact, low-probability extreme weather events.