The use of Casimir functions towards control of physical systems is well known, both in the context of Energy shaping as well as Power shaping techniques. In this paper we show that by use of a Memristive element in the controller design enables us to generate additional Casimir functions relating the state of the memristor to the plant state. This additional conserved quantity manifests itself in the control law in form of a state-modulated gain. We present our results with examples in the context of control by Casimir generation in the port-Hamiltonian framework, which essentially deals with shaping the energy of the system. We also present the applicability of the results towards control by power shaping of electrical circuits in the Brayton-Moser framework for modeling of electrical networks. © 2013 IEEE.