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Demand

In: Economics of Power Systems

Author

Listed:
  • Makoto Tanaka

    (National Graduate Institute for Policy Studies (GRIPS))

  • Antonio J. Conejo

    (The Ohio State University)

  • Afzal S. Siddiqui

    (Stockholm University
    Aalto University)

Abstract

In a restructured power industry, both supply and demand sides play important roles to determine the market prices of electricity. This chapter explores the demand side, while Chap. 2 examines the supply side. Microeconomic theory describes the general mechanism of consumer demand. With a focus on electricity markets, we discuss the general theory of demand, covering key concepts of microeconomics including utility functions, demand functions, price elasticity of demand, and consumer surplus. We also investigate recent issues in electricity markets such as the effect of demand response and prosumers.

Suggested Citation

  • Makoto Tanaka & Antonio J. Conejo & Afzal S. Siddiqui, 2022. "Demand," International Series in Operations Research & Management Science, in: Economics of Power Systems, chapter 0, pages 1-34, Springer.
    • Handle: RePEc:spr:isochp:978-3-030-92871-1_1
    DOI: 10.1007/978-3-030-92871-1_1
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