This document discusses energy theft in Advanced Metering Infrastructure (AMI) systems. It describes how AMI systems are vulnerable to energy theft through various attacks, such as interrupting meter measurements, tampering with stored demand data, and modifying communications between meters and utilities. It presents an attack tree to categorize different goals and techniques for energy theft. The document also analyzes vulnerabilities in a studied AMI system, such as insufficient physical protections, unsecured optical communications, and failures to authenticate endpoints and detect replay attacks. It argues these vulnerabilities stem from design assumptions around the physical limitations of meters, insecure near-field communication, lack of firmware integrity protection, and an untrusted communications backhaul and endpoints.