The ARPA-E Grid Optimization (GO) Competition Challenge 2, from 2020 to 2021, expanded upon the problem posed in Challenge 1 by adding adjustable transformer tap ratios, phase shifting transformers, switchable shunts, price-responsive demand, ramp rate constrained generators and loads, and fast-start unit commitment. Furthermore, Challenge 2 was a maximization problem while Challenge 1 was a minimization problem. Specifically, the economic surplus, defined as the benefit of serving load minus the cost of generation, is being maximized. It was expected that the objective value of a given solution should be positive, representing economic gain, but negative objectives from poor solutions were possible. The two code submission feature of Challenge 1 was maintained. Additionally, Divisions 3 and 4 within the competition permitted on/off switching of transmission lines (Divisions 1 and 2 did not). After the initial release of the Problem Formulation on 7/20/2020, ARPA-E Director Lane Genatowski announced Challenge 2 on 9/12/2020. The final May 31, 2021, version of the Problem Formulation was 97 pages long with 299 equations. The Challenge proceeded with 2 non-prize Events and 2 prize Events. Teams receiving Challenge 1 FOA awards and prize money were required to use the prize money to fund their Challenge 2 efforts (Georgia Institute of Technology, Global Optimal Technology, Inc., Lawrence Livermore National Laboratory, Lehigh University, Northwestern University, Artelys, Columbia, Pearl Street Technologies, Pennsylvania State University, and University of Colorado Boulder). For more information on the competition and challenge 2 see the "GO Competition Challenge 2 Information" resource below. Challenge 1 and Challenge 3 information can be found in the resources linked below.