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How aggregate electricity demand responds to hourly wholesale price fluctuations

  • 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.

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Metadaten
Document Type:Article
Language:English
Author(s):Lion HirthORCiD, Tarun M. Khanna, Oliver Ruhnau
Parent Title (English):Energy Economics
ISSN:0140-9883
Publisher:Elsevier BV
Publication year:2024
Publishing Institution:Hertie School
DOI:https://doi.org/10.1016/j.eneco.2024.107652
Release Date:2024/06/03
Volume:135
Article Number:107652
AY 23/24:AY 23/24
Licence of document (German):Metadaten / metadata
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