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Benchmarking makes it possible to identify low-performing buildings, establishes a baseline for measuring performance improvements, enables setting of energy conservation targets, and encourages energy savings by creating a competitive environment. Statistical approaches evaluate building energy efficiency by comparing measured energy consumption to other similar buildings typically using annual measurements. However, it is important to consider different time periods in benchmarking because of differences in their consumption patterns. For example, an office can be efficient during the night, but inefficient during operating hours due to occupants’ wasteful behavior. Moreover, benchmarking studies often use a single regression model for different building categories. Selecting the regression model based on actual data would ensure that the model fits the data well. Consequently, this paper proposes Energy Slices, an energy benchmarking approach with time slicing for existing buildings. Time slicing enables separation of time periods with different consumption patterns. The regression model suited for the specific scenario is selected using cross validation, which ensures that the model performs well on previously unseen data. The evaluation is carried out on a case study involving two sports arenas; event energy efficiency is benchmarked to identify low-performing events. The case study demonstrates the Energy Slice procedure and shows the importance of model selection.