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Electricity demand for South Korean residential sector

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  • Sa'ad, Suleiman
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    Abstract

    This study estimates the electricity demand function for the residential sector of South Korea with the aim of examining the effects of improved energy efficiency, structural factors and household lifestyles on electricity consumption. In the study, time series data for the period from 1973 to 2007 is used in a structural time series model to estimate the long-term price and income elasticities and annual growth of underlying energy demand trend (UEDT) at the end of the estimation period. The result shows a long-term income elasticity of 1.33 and a long-term price elasticity of -0.27% with -0.93% as the percentage growth of UEDT at the end of the estimation period. This result suggests that, in order to encourage energy efficiency in the residential sector, the government should complement the market based pricing policies with non-market policies such as minimum energy efficiency standards and public enlightenment.

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    Bibliographic Info

    Article provided by Elsevier in its journal Energy Policy.

    Volume (Year): 37 (2009)
    Issue (Month): 12 (December)
    Pages: 5469-5474

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    Handle: RePEc:eee:enepol:v:37:y:2009:i:12:p:5469-5474

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    Web page: http://www.elsevier.com/locate/enpol

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    Keywords: Residential electricity demand Structural time series analysis;

    References

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    Cited by:
    1. Bilgili, Faik & Pamuk, Yalçın & Halıcı Tülüce, Nadide Sevil, 2010. "Short run and long run dynamics of residential electricity consumption: Homogeneous and heterogeneous panel estimations for OECD," MPRA Paper 33291, University Library of Munich, Germany, revised Jun 2011.
    2. World Bank, 2011. "A New Slant on Slopes : Measuring the Benefits of Increased Electricity Access in Developing Countries," World Bank Other Operational Studies 2742, The World Bank.
    3. Theologos Dergiades & Lefteris Tsoulfidis, 2011. "Revisiting residential demand for electricity in Greece: new evidence from the ARDL approach to cointegration analysis," Empirical Economics, Springer, vol. 41(2), pages 511-531, October.
    4. Adom, Philip Kofi & Bekoe, William, 2013. "Modelling electricity demand in Ghana revisited: The role of policy regime changes," Energy Policy, Elsevier, vol. 61(C), pages 42-50.
    5. Heshmati, Almas, 2012. "Survey of Models on Demand, Customer Base-Line and Demand Response and Their Relationships in the Power Market," IZA Discussion Papers 6637, Institute for the Study of Labor (IZA).

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