<p>Ocean energetics is a useful framework for understanding El Ni&#241;o development and diversity; however, its key element, available potential energy (APE), requires accurate ocean subsurface data that are hard to measure. However, sea surface heights (SSH) provide a useful alternative. In this study, we describe an SSH-based index, SSHI, that accurately captures APE variations and can be easily computed from satellite observations. Using SSHI we obtain an observation-based estimate of the APE damping timescale &#945;<sup>-1</sup> of approximately 1.7 years, slightly longer than previous ocean reanalysis-based estimates. We further show that SSHI records the relative strength of the thermocline feedback, serving as an indicator for El Ni&#241;o &#8220;flavors&#8221;. SSHI demonstrates a clear decadal shift in El Ni&#241;o-Southern Oscillation (ENSO) properties that occurred in early 2000s, with a more tilted mean thermocline and weaker thermocline slope variations indicative of the dominance of &#8220;Central Pacific&#8221; El Ni&#241;o activity during the past two decades.</p>