Even today, where we haven't done all that much with electric efficiency, US power generation has been virtually flat for over a decade since the last recession: https://www.eia.gov/todayinenergy/detail.php?id=38572
Considering how much low-hanging efficiency fruit there is still lying around, reducing demand is a perfectly valid strategy for reducing carbon emissions.
In the second graph, industrial sales flatline then decline after 2000, which doesn't match up with the peak electricity generation in 2007. Both residential and commercial slow or stop growing after 2007.
Even today, where we haven't done all that much with electric efficiency, US power generation has been virtually flat for over a decade since the last recession: https://www.eia.gov/todayinenergy/detail.php?id=38572
Considering how much low-hanging efficiency fruit there is still lying around, reducing demand is a perfectly valid strategy for reducing carbon emissions.