From an environmental point of view, reduced use of energy remains a cornerstone in global greenhouse gas mitigation. However, without full internalization of external costs, greenhouse gas mitigation as such may not be highly prioritized among business leaders. Rather, it is the magnitude of production costs and ultimately the size of market revenue that articulates success or failure for business leaders. Nevertheless, reduced energy use or improved energy efficiency can have a vast impact on profitability even for companies with low energy costs, as the reduced energy costs directly lead to increased profits. In this paper, a review of ten years of empirical research in the field of industrial energy management in Swedish industry is presented. Based on the review, the paper proposes success factors for efficient energy management, factors which could help guide individual energy managers as well as policy makers in order to close the energy efficiency and management gaps. The paper also presents an overview of important industrial energy management tools, which would facilitate in-house energy management in industry.