• Capstone completed due diligence around a prospective investment in a demand side management (DSM) administrator providing turnkey services for managing energy efficiency and demand response programs for utilities.


  • We reviewed existing state policies driving utility investment in energy efficiency and demand response programs.  We complemented our policy analysis with a rigorous review of academic and market research around the viability of energy efficiency programs going forward. Utilizing this information, we developed a 50-state model analyzing the friendliness of U.S. states to growth in DSM programs going forward.
  • We spoke with over 35 regulatory, industry, advocacy, and academic stakeholders involved in the energy efficiency and demand response industry to better assess the outlook for utility-sponsored DSM programs.


  • We concluded that over the medium- to long-term, the Target would have to adapt to new market realities to mitigate the risk of the decreasing set of opportunities for traditional energy efficiency.
- Capstone LLC -

Washington DC

-Capstone Research Limited-