This document discusses the benefits of energy efficiency. It argues that energy efficiency is a powerful resource that can be harnessed through both market and regulatory approaches. Regulation is needed to maintain fair energy markets, and regulators may sometimes need to take a planning role to allocate supply during shortages. The future will involve a mix of centralized and decentralized power production, with efficiency being a common way to reduce demand and peak loads. When markets and government programs work together, large impacts on energy use can be achieved through efficiency. Efficiency resources are renewable - like a "magic orange" that can be continually squeezed for more savings over time. Competition also drives greater efficiency gains.