This report, “Demand Response & Smart Grid—State Legislative and Regulatory Policy Action Review: July 2011 – May 2012,” is a nationwide overview of state-level policy developments on smart grid, smart metering, demand response, energy storage, and related issues. It was prepared by the Association for Demand Response & Smart Grid (ADS). The report catalogues policy actions undertaken by state regulatory commissions, state legislatures, and state agencies. It does not directly cover federal activity, but it does discuss federal agency actions, including those of FERC, DOE, and NIST, as they affect state policy efforts. The report also covers state activities in response to the two smart grid PURPA Standards established by the Energy Independence & Security Act of 2007 (EISA).