Utilities have some stark choices to make about micro-CHP (combined heat and power). Do they ignore it, hoping that micro-CHP markets remain small and insignificant? Do they make investments in micro-CHP product developers? Or do they get involved in micro-CHP field tests with a view to take product to market? This report examines the different micro-CHP strategies adopted by utilities, how some are staking out positions in the micro-CHP value chain, and the risks and rewards—and advantages and disadvantages—of different approaches. (MCHP-F-3; January 2005; 18 pages)