We explore the privacy issues implicated by the development of demand response systems. We begin by highlighting the invasive nature of fine-granularity power consumption data, showing that the data collected by Advanced Metering Infrastructure (AMI) reveals detailed information about behavior within the home. We then show how privacy-aware design principles lead to novel system architectures that realize the benefits of demand response without requiring that AMI data be centrally collected. The resulting systems avoid both harm to subscribers and the potential need to scrap AMI-based demand response efforts in the face of public outcry. We also show that Trusted Platform Modules can be used to develop privacy-sensitive metering infrastructure.