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Determinants of Energy Consumption: A Review

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  • Yeboah Asuamah Samuel
  • Ohene Manu
  • T. B. Wereko

Abstract

Energy is an important resource for the economic development of an economy and social well being of its citizens. In the face of increasing sectors of economies energy consumption is expected to increase and as such understanding of the variables significant in influencing energy consumption is very relevant. The paper aimed at contributing to the body of knowledge that exists in the area of energy consumption by reviewing relevant empirical works on energy demand to provide understanding of the various variables influencing energy consumption. The paper is based on secondary data obtained through archival study using various sources such as textbooks, journals, documents, and conference papers. The findings on the main determinants of energy consumption are mixed. But variables such as per capita real GDP; real price of electricity; price of substitute; population; air temperature; financial development variables (Bank Variables and Stock Variables); capital stock; industrial development and efficiency variable have been identified as influencing energy demand. It is the expectation of the researchers that the review on energy demand provide adequate information to energy planners, researchers, and policy makers in managing energy supply issues. More empirical research is recommended to address the inconsistencies in the literature.

Suggested Citation

  • Yeboah Asuamah Samuel & Ohene Manu & T. B. Wereko, 2013. "Determinants of Energy Consumption: A Review," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 1(12), pages 482-487.
    • Handle: RePEc:rss:jnljms:v1i12p2
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    References listed on IDEAS

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    1. Muhammad Arshad Khan & Usman Ahmad, 2008. "Energy Demand in Pakistan: A Disaggregate Analysis," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 47(4), pages 437-455.
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    2. Dedi Kusmayadi & Yusuf Abdullah & Irman Firmansyah, 2022. "Master of Management Program, Faculty of Postgraduate, Siliwangi University, Tasikmalaya, Indonesia," International Journal of Energy Economics and Policy, Econjournals, vol. 12(1), pages 23-31.
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