The peakvalley difference is increasing in the power system, which requires more capacity to keep the power balance. As a significant demand response resource, thermostatically controlled loads can provide peak shaving capacity.In this context,an energy efficiency ratio considering consumer satisfaction and a peak shaving strategy are proposed, which helps the system operators regulate the thermostatically controlled loads based on energy efficiency management. Firstly, based on the fuzzy set method, a model is proposed to calculate the energy efficiency ratio considering consumer satisfaction of thermostatically controlled loads. This model helps the system operators to estimate the energy efficiency rate of mass thermostatically controlled loads without installing hardware. Then, a fitting model is built to estimate the peak shaving capacity. Based on the above models, the peak shaving strategy is developed. Before the peak shaving, the system operatorscheck whether the thermostatically controlled loads can participate in the peak shaving and calculate energy efficiency ratio considering consumer satisfaction and capacity. The system operators may regulate-thermostatically controlled loads whose energy efficiency ratio considering consumer satisfaction is low. Therefore, the satisfaction of society and the comprehensive energy efficiency will improve when providing the peak shaving capacity. The case uses realistic data,which contains consumers’electricity consumption data in an eastern city in China and its temperature data.The results indicate that the comprehensive energy efficiency improves obviously after adopting the proposed strategy.