Abstract Energy is not only the most expensive component of the diet, but also among the most complex. Energy impacts all aspects of the growth and metabolism of the pig. Therefore, when feed costs escalate, energy is a predictable though challenging target for increased attention. To achieve greatest success, a two-pronged approach is warranted. The first focuses on our understanding of the fundamentals of energy science and the second logically follows with applying this knowledge in practice. This presentation will address both the science and the application. Formulating energy in pig diets is a complicated process. For example, one can achieve equal dietary energy values with different proportions of protein, starch, fat and fiber. Each of these nutrients is used with a different level of efficiency by the pig, leading one to question whether equal performance should be expected just because ME or NE is the same. We will dig a bit more deeply into how energy values of ingredients are generated, what assumptions are made in this process and the limitations of these values in predicting pig performance. Beyond ME and NE, we will note that changing energy sources may also alter the microbiota, oxidative load, gut structure and function, and even the digestibility of dietary nutrients. This, in turn, can impact not only the performance of the pig, but also resistance to disease and susceptibility to environmental stress. We will also discuss why feed efficiency is sometimes highly correlated to dietary energy but in other cases, this relationship is quite weak; how can this be? On a positive note, the ME or NE of ingredients has been found to be highly correlated with certain dietary constituents. This infers that the prediction of the energy content of ingredients should be quite effective, and such predictions will improve the precision of diet formulation. Moving forward, it makes sense that wherever possible, energy response curves should be part of the toolkit available to swine nutritionists, but these curves should involve diverse diet composition, unlike the energy titration studies commonly used in our industry. When energy is the most expensive, and production margins are weakest, this is the very time to invest strategically in diet analysis to ensure that we are extracting every bit of energy we can from available ingredients. In other words, are we achieving our formulation targets? Because the topic of dietary energy is so large and complex, we will remind ourselves where we can have the greatest impact on net income by managing energy. In conclusion, energy drives feed costs and drives performance. As complex a topic as it is, we will be rewarded by understanding dietary energy more deeply, and applying that knowledge as effectively as possible in commercial practice.