In light of the present debate about the future organization of electricity supply, the relationship between energy conservation and organization of electricity supply in the Netherlands is examined. Three case studies of energy conservation are analysed: the development of industrial cogeneration of heat and power, the development of wind energy and the use of a so-called ＇MAP levy＇ as an instrument used by utilities to stimulate demand reduction of end users. The implications of these case studies for the future organization of Dutch electricity supply are discussed. Some measures aimed at reconciling energy conservation and liberalization are suggested.