In this article, I review the diverse commentaries on New Zealand＇s ongoing electricity sector reform process, within the context of the Government＇s energy policy objective, In doing so, my purpose is to highlight the interactions between the concepts of energy efficiency and economic efficiency, In particular, I ask: how do the various commentators on reform define these concepts; what indicators do they use to measure them; and, what level of each do they prescribe as appropriate? My main objective is not to decide whether any commentator is ＇right＇ or ＇wrong＇, Rather, I seek to identify the distinct ＇world views＇, or ＇paradigms＇, underlying the commentaries with respect to both energy efficiency and economic efficiency, I conclude that economic efficiency is consistent with a ＇supply side paradigm＇, valuing economic growth, whereas those who value energy efficiency over economic efficiency subscribe to a ＇demand side paradigm＇, recognising the limits to growth, Such a paradigm derives from the ethic of sustainability, I dose by posing the (as Set unanswered) question: are these paradigms mutually exclusive?