In the broadest sense, this paper discusses issues relating to the earnings implications which flow from the pursuit of least-cost plans. More narrowly, however, the issues, discussion, and conclusions apply with equal force whenever a utility implements cost-effective demand-side measures, whether as part of a least-cost plan or not. To a lesser extent, the paper addresses how these issues relate to many supply-side options, particularly cogeneration and renewable resources. Least-cost planning (LCP) is a process of examining all electricity-saving and electricity-producing options to select a mixture of options that minimizes total consumer cost, often including consideration of environmental concerns and other responsibilities.