This work introduces a model of Future Technology Transformations for the power sector (FIT:Power), a representation of global power systems based on market competition, induced technological change (ITC) and natural resource use and depletion. It is the first component of a family of sectoral bottom-up models of technology, designed for integration into the global macroeconometric model E3MG. ITC occurs as a result of technological learning produced by cumulative investment and leads to highly nonlinear, irreversible and path dependent technological transitions. The model uses a dynamic coupled set of logistic differential equations. As opposed to traditional bottom-up energy models based on systems optimisation, such differential equations offer an appropriate treatment of the times and structure of change involved in sectoral technology transformations, as well as a much reduced computational load. Resource use and depletion are represented by local cost-supply curves, which give rise to different regional energy landscapes. The model is explored for a single global region using two simple scenarios, a baseline and a mitigation case where the price of carbon is gradually increased. While a constant price of carbon leads to a stagnant system, mitigation produces successive technology transitions leading towards the gradual decarbonisation of the global power sector. (C) 2012 Elsevier Ltd. All rights reserved.