Panentheism seems to be an attractive alternative to classical theism. It is not clear, though, what exactly panentheism asserts and how it relates to classical theism. By way of clarifying the thesis of panentheism, I argue that panentheism and classical theism differ only as regards the modal status of the world. According to panentheism, the world is an intrinsic property of God – necessarily there is a world – and according to classical theism the world is an extrinsic property of God – it is only contingently true that there is a world. Therefore, as long as we do not have an argument showing that necessarily there is a world, panentheism is not an attractive alternative to classical theism.