TY - JOUR A1 - Hirth, Lion A1 - Khanna, Tarun M. A1 - Ruhnau, Oliver T1 - How aggregate electricity demand responds to hourly wholesale price fluctuations JF - Energy Economics N2 - Electricity needs to be consumed at the very moment of production, leading wholesale prices to fluctuate widely at (sub-)hourly time scales. This article investigates the response of aggregate electricity demand to such price variations. Using wind energy as an instrument, we estimate a significant and robust short-term price elasticity of about −0.05 in Germany and attribute this to industrial consumers. As the share of consumption that is exposed to real-time prices (currently less than 25%) expands, we expect the aggregated price elasticity to grow. Y1 - 2024 UR - https://opus4.kobv.de/opus4-hsog/frontdoor/index/index/docId/5469 SN - 0140-9883 U6 - https://doi.org/10.1016/j.eneco.2024.107652 VL - 135 PB - Elsevier BV ER -