Utility demand-side management (DSM) programmes have been operating for approximately two decades. During this period DSM has progressed from an emphasis on information and loan programmes to a resource acquisition strategy emphasizing rebates, Now the electric utility industry is being restructured, including the role of DSM. This paper reviews the experience and lessons of the past two decades, so that as DSM is restructured, we can build upon the lessons of the past, This paper then proceeds to make some predictions about the role of DSM in the electric utility industry of the future.