In a recent report from California Energy Commission (CEC), it has been recommended to consider and promote hibernate and shutdown actions compared to sleep action. It has been suggested to achieve this goal by presenting time-to-hibernate and time-to-shutdown along with the time-to-sleep to the user in order to nudge them toward a more comfortable decision to pursue hibernating or shutting down their computer (page 5 of the report accessible at: http://www.energy.ca.gov/2014publications/CEC-500-2014-093/CEC-500-2014-093.pdf).
This shows an implicit assumption that the energy consumption of the shut-down state is less than that of the sleep state. Although it is practically true, this assumption ignores the impacts of 'transitional' states that are required to transfer the computer from the power-on state to the shut-down state. These impacts could be much higher than the benefits of the overall change. For example, hard drives and other components may perform intense operations during these transitional states in order to prepare the system to hibernate or shut down. These operations not only would consume energy, they also may result in lowering the remaining life time of those components, especially the hard drives. The question is that what is the optimal time interval of inactivity that beyond that a shutdown or hibernate action would be more beneficial compared to an sleep action.
It seems answering to this question would require some analysis of the life cycle of various components, especially their nonlinear behavior against various forms of the transitional states.
https://www.linkedin.com/pulse/article/20141104033724-60666930-is-energy-consumption-the-sole-parameter-to-decide-between-sleep-or-shutdown-actions-for-a-better-good