This is Richard Cowart’s presentation which was made to the Bucharest Forum, DG Energy and Transport, on delivering energy efficiency on a utility scale. Some of the topics covered in this presentation include efficiency obligations, delivery mechanisms for EE, the efficiency utility, energy efficiency as the cornerstone for successful GHG cap-and-trade, where power sector reductions come from, creating a carbon allocation for efficiency in Europe, open power markets to efficiency, and making efficiency profitable among others.