A novel transconductance model is proposed for the Dual Active Bridge (DAB). This averaged model is much simpler than the complex models reported in the literature, yet it retains high accuracy when compared to a switching model. The model has a clear physical interpretation, showing the main feature of DAB operation, which is a controlled power transfer from input to output. The model can be used for fast simulation and for analysis. Linearized small-signal models to be used for control design will be included in the final paper. The method will be extended to cover the various modulation schemes commonly used.