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The Behavior of the Annual Electricity Demand and the Role of Economic Growth in Colombia

Author

Listed:
  • John William Grimaldo-Guerrero

    (Departamento de Energ a, Universidad de la Costa, Colombia)

  • Jorge Ivan Silva-Ortega

    (Ph.D. Student at Universidad Pontificia Bolivariana UPB, and Departamento de Energ a, Universidad de la Costa, Colombia)

  • John E. Candelo-Becerra

    (Departamento de Energ a El ctrica y Autom tica, Facultad de Minas, Universidad Nacional de Colombia, Sede Medell n, Carrera 80 No. 65-223, Campus Robledo, Medell n 050041, Antioquia, Colombia,)

  • Bernardo Balceiro-Alvarez

    (Universidad de la Costa, Colombia.)

  • Omar Cabrera-Anaya

    (Universidad de la Costa, Colombia.)

Abstract

The electricity demand forecast allows countries to establish long-term plans and objectives for identifying gaps, selecting strategies, and designing the electric power system's architecture. Traditional models use GDP as the primary variable to forecast the electricity demand. The work presents an analysis of the relationship between electricity demand and economic growth, using regression methods with one or more variables. The GDP and sectoral GDP data was provided by Banco de la Rep blica de Colombia. The results validate the traditional model and offer alternative models that can relate the economy's different sectors with the electricity demand.

Suggested Citation

  • John William Grimaldo-Guerrero & Jorge Ivan Silva-Ortega & John E. Candelo-Becerra & Bernardo Balceiro-Alvarez & Omar Cabrera-Anaya, 2021. "The Behavior of the Annual Electricity Demand and the Role of Economic Growth in Colombia," International Journal of Energy Economics and Policy, Econjournals, vol. 11(5), pages 8-12.
    • Handle: RePEc:eco:journ2:2021-05-2
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    References listed on IDEAS

    as
    1. Ferguson, Ross & Wilkinson, William & Hill, Robert, 2000. "Electricity use and economic development," Energy Policy, Elsevier, vol. 28(13), pages 923-934, November.
    2. Osama Alfalah & Lama Alhumaidan & Deniz Baglan, 2020. "The Demand for Electricity in Kuwait: A Cointegration Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 9-13.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Energy Forecasting; Electricity Demand; Macroeconomics Indicator; Backward; Forward; and Stepwise methods.;
    All these keywords.

    JEL classification:

    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q47 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy Forecasting

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