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The Economic and Social Impact of Increasing Electricity Prices: Estimates, Analysis and Predictions

In: Crisis after the Crisis: Economic Development in the New Normal

Author

Listed:
  • Stelian Stancu

    (Bucharest University of Economic Studies
    Centre for Industry and Services Economics, ‘Costin C. Kiritescu’ National Institute for Economic Research, Romanian Academy)

  • Alexandru Isaic-Maniu

    (Centre for Industry and Services Economics, ‘Costin C. Kiritescu’ National Institute for Economic Research, Romanian Academy)

  • Constanţa-Nicoleta Bodea

    (Bucharest University of Economic Studies
    Centre for Industry and Services Economics, ‘Costin C. Kiritescu’ National Institute for Economic Research, Romanian Academy)

  • Mihai Sabin Muscalu

    (Centre for Industry and Services Economics, ‘Costin C. Kiritescu’ National Institute for Economic Research, Romanian Academy)

  • Andreea Gabriela Capbun

    (Bucharest University of Economic Studies)

Abstract

The current global energy crisis highlights the need to continue investigating the impact of energy prices on the budget of different types of consumers, by using appropriate modeling methods to substantiate the economic policies. The paper presents a research conducted by the authors, based on a case study structured in two parts: the first part aims to capture the dependencies between the electricity market, on the one hand, and the industry and construction sectors, on the other hand, but also the impact felt by the final consumer in relation to changes in the electricity market. The second part of the study aims to complete the conclusions obtained in the first part of the case study with the analysis of the indicators with monthly frequency to compare between energy price levels in different European Union (EU) countries and Romania, and to quantify the relations between imports, exports, net exports, supply, respectively the total production of electricity and the price of a kilowatt-hour of electricity. Finally, the authors characterise how changes in electricity prices might influence the following macroeconomic aggregates: gross added value at economy level and different economic sectors, gross domestic product, population consumption, government consumption, investment, trade balance.

Suggested Citation

  • Stelian Stancu & Alexandru Isaic-Maniu & Constanţa-Nicoleta Bodea & Mihai Sabin Muscalu & Andreea Gabriela Capbun, 2023. "The Economic and Social Impact of Increasing Electricity Prices: Estimates, Analysis and Predictions," Springer Proceedings in Business and Economics, in: Luminita Chivu & Ignacio De Los Ríos Carmenado & Jean Vasile Andrei (ed.), Crisis after the Crisis: Economic Development in the New Normal, chapter 0, pages 135-144, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-30996-0_10
    DOI: 10.1007/978-3-031-30996-0_10
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