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The Effects of Higher Prices on Electricity Consumption

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  • James M. Griffin

Abstract

This paper utilizes an econometric model of the electric utility industry to stimulate the effects of higher fuel prices on electricity demand and on the mix of fuel inputs to electricity generation. The model treats as endogenous electricity demand, electricity prices, the efficiency of fuel conversion, and the choice among coal, natural gas, residual fuel oil, and nuclear fuel inputs. The results here suggest that given projected fuel input prices, the short- and long-run impacts on electricity demand are likely to be small. The effects on fuel mix appear quite substantial in the intermediate and long run, but in the period of one year or less, fuel substitution possibilities appear fairly limited.

Suggested Citation

  • James M. Griffin, 1974. "The Effects of Higher Prices on Electricity Consumption," Bell Journal of Economics, The RAND Corporation, vol. 5(2), pages 515-539, Autumn.
    • Handle: RePEc:rje:bellje:v:5:y:1974:i:autumn:p:515-539
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    Cited by:

    1. Twerefou, Daniel Kwabena & Abeney, Jacob Opantu, 2020. "Efficiency of household electricity consumption in Ghana," Energy Policy, Elsevier, vol. 144(C).
    2. Changqi Wu & Leonard K. Cheng, 2000. "Hong Kong's Business Regulation in Transition," NBER Chapters, in: Deregulation and Interdependence in the Asia-Pacific Region, pages 157-194, National Bureau of Economic Research, Inc.
    3. Athukorala, Wasantha & Wilson, Clevo & Managi, Shunsuke & Karunarathna, Muditha, 2019. "Household demand for electricity: The role of market distortions and prices in competition policy," Energy Policy, Elsevier, vol. 134(C).
    4. Narayan, Paresh Kumar & Smyth, Russell, 2005. "The residential demand for electricity in Australia: an application of the bounds testing approach to cointegration," Energy Policy, Elsevier, vol. 33(4), pages 467-474, March.
    5. Thomas J. Lareau, 1981. "Alternate Stationary Source Air Pollution Control Policies: a Welfare Analysis," Public Finance Review, , vol. 9(3), pages 281-307, July.
    6. Athukorala, P.P.A Wasantha & Wilson, Clevo, 2010. "Estimating short and long-term residential demand for electricity: New evidence from Sri Lanka," Energy Economics, Elsevier, vol. 32(Supplemen), pages 34-40, September.
    7. Castro Rodríguez, Fidel, 1996. "La demanda de electricidad de largo plazo para el sector residencial español," DE - Documentos de Trabajo. Economía. DE 3378, Universidad Carlos III de Madrid. Departamento de Economía.

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