This document discusses Brazil's experience with public benefit funds (PBF) to fund energy efficiency (EE) and energy research and development (R&D) activities following the restructuring of its power sector in the 1990s. It finds that while PBF increased funding levels for EE and R&D, the funds were not sufficient and their administration faced challenges. Lessons include the need for better program design by utilities, improved evaluation of activities, and more coordination among involved actors to maximize impact.