Most U.S. utility regulatory commissions require that electric utilities minimize cost when comparing supply-side and demand-side resources However, utilities should also consider the effects of resource plans upon the benefits, or ＇＇value,＇＇ that electricity consumers receive. A method for extending the traditional ＇＇least cost＇＇ objective to include value changes in electric utility resource planning is presented This method uses the concept of consumers surplus to quantify the benefits of electric rate changes, ＇＇take-back＇＇ of energy savings in conservation programs, and increases in energy services provided by load building or valley-filling programs. In general, the method rewards resource portfolios that cause rates to move closer to marginal cost or Increase the energy services provided To illustrate its range of application, the ＇＇most value＇＇ objective is applied to screening of demand-side programs, evaluation of resource plans, and acid rain compliance planning. These examples confirm that optimizing net value can yield different resource portfolios than minimizing cost.