Once upon a time when a big power plant retired, it was replaced by one as big or bigger. But not anymore. Energy efficiency is increasingly reducing the need for more power. And when it is needed, distributed generation may be enough.

That’s how utilities increasingly view the market, according to this year’s Strategic Directions: U.S. Electric Industry report issued August 12 by Black & Veatch.

The report is based on a survey of 576 utility leaders from May 7 to May 27.