Variations in state policy are among the factors contributing to broad fluctuations in the amount of capital that utilities across the U.S. are investing in energy efficiency, a study has found. Ceres, an investor advocacy group, took benchmarks on 50 U.S. utilities and found that investment in efficiency ranged from $4.80 per MWh at the top to just $0.02 per MWh at the bottom, with Pacific Gas & Electric investing the most on energy efficiency. Ceres forecasts that by 2020, $12.4 billion in total customer rates will go toward energy-efficiency programs.

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