In this paper, a multi-level benchmarking method is presented for assessing efficiency of electrical distribution companies’ expenditures. Proposed method considers mutual cooperation of capital expenditure (CAPEX) and operational expenditure (OPEX) for improving quality and decreasing energy losses. Firstly, weighted fuzzy c-means clustering (WFCM) is used by proposed method to find similar companies. Then, proposed method utilizes data envelopment analysis (DEA) and slack analysis in multi levels and through creating pseudo competition between companies, estimates companies’ efficiency scores and slacks in their expenditures. Finally, proposed IBRS is applied on Iranian distribution companies and its results are discussed.