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Firms and households during the pandemic: what do we learn from their electricity consumption?

Author

Listed:
  • Olympia Bover

    (Banco de España)

  • Natalia Fabra

    (Universidad Carlos III de Madrid and CEPR)

  • Sandra García-Uribe

    (Banco de España)

  • Aitor Lacuesta

    (Banco de España)

  • Roberto Ramos

    (Banco de España)

Abstract

We analyze the impact of the COVID-19 pandemic on electricity consumption patterns in Spain. We highlight the importance of decomposing total electricity consumption into consumption by firms and by households to better understand the economic and social impacts of the crisis. While electricity demand by firms has fallen substantially, the demand by households has gone up. In particular, during the total lockdown, these effects reached -29% and +10% respectively, controlling for temperature and seasonality. While the electricity demand reductions during the second wave were milder, the demand by firms remained 5% below its normal levels. We also document a change in people’s daily routines in response to the stringency of the lockdown measures, as reflected in their hourly electricity consumption patterns.

Suggested Citation

  • Olympia Bover & Natalia Fabra & Sandra García-Uribe & Aitor Lacuesta & Roberto Ramos, 2020. "Firms and households during the pandemic: what do we learn from their electricity consumption?," Occasional Papers 2031, Banco de España.
    • Handle: RePEc:bde:opaper:2031
    as

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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/20/Files/do2031e.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    electricity demand; economic activity; COVID; lockdowns;
    All these keywords.

    JEL classification:

    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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