On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia
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Redalyc
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| Formato: | Artículo científico |
| Lenguaje: | en |
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Universidad de Antioquia
2018
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| _version_ | 1876443319049912320 |
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| author | Jorge Barrientos |
| author_facet | Jorge Barrientos |
| contents | On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia Jorge Barrientos Esteban Velilla David Tobón Orozco Fernando Villada Jesús M. López-Lezama Economía y Finanzas SVAR models forward contracts Electricity markets price elasticity of demand This paper presents an estimation of the reaction of electricity demand to changes in price levels of forward contracts in the manufacturing industry of Colombia. To that end, a structural vector autoregressive (SVAR) model was developed, considering several economic activities at different voltage levels. The industrial sectors under study showed an electricity demand not significantly sensitive to price variations. However, the food and drink sectors, plastic and rubber manufacturing, as well as retail trade turned out to be more sensitive to price shocks than the chemical industry or textile manufacturing. Such inelasticity could be softened if information concerning prices and quantity demanded were of common knowledge, or if the forward curve were observable. 2018 artículo científico 0120-2596 https://www.redalyc.org/articulo.oa?id=155254736005 https://www.redalyc.org/journal/1552/155254736005/ https://www.redalyc.org/journal/1552/155254736005/html/ https://www.redalyc.org/journal/1552/155254736005/155254736005.epub https://www.redalyc.org/journal/1552/155254736005/movil 10.17533/udea.le.n88a05 en http://www.redalyc.org/revista.oa?id=1552 Lecturas de Economía application/pdf Universidad de Antioquia Lecturas de Economía (Colombia) Num.88 |
| format | Artículo científico |
| id | redalyc_155254736005 |
| institution | Redalyc |
| language | en |
| publishDate | 2018 |
| publisher | Universidad de Antioquia |
| spellingShingle | On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia Jorge Barrientos Economía y Finanzas SVAR models forward contracts Electricity markets price elasticity of demand On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia Jorge Barrientos Esteban Velilla David Tobón Orozco Fernando Villada Jesús M. López-Lezama Economía y Finanzas SVAR models forward contracts Electricity markets price elasticity of demand This paper presents an estimation of the reaction of electricity demand to changes in price levels of forward contracts in the manufacturing industry of Colombia. To that end, a structural vector autoregressive (SVAR) model was developed, considering several economic activities at different voltage levels. The industrial sectors under study showed an electricity demand not significantly sensitive to price variations. However, the food and drink sectors, plastic and rubber manufacturing, as well as retail trade turned out to be more sensitive to price shocks than the chemical industry or textile manufacturing. Such inelasticity could be softened if information concerning prices and quantity demanded were of common knowledge, or if the forward curve were observable. 2018 artículo científico 0120-2596 https://www.redalyc.org/articulo.oa?id=155254736005 https://www.redalyc.org/journal/1552/155254736005/ https://www.redalyc.org/journal/1552/155254736005/html/ https://www.redalyc.org/journal/1552/155254736005/155254736005.epub https://www.redalyc.org/journal/1552/155254736005/movil 10.17533/udea.le.n88a05 en http://www.redalyc.org/revista.oa?id=1552 Lecturas de Economía application/pdf Universidad de Antioquia Lecturas de Economía (Colombia) Num.88 |
| title | On the estimation of the price elasticity of electricity demand in the manufacturing industry of Colombia |
| topic | Economía y Finanzas SVAR models forward contracts Electricity markets price elasticity of demand |
| url | https://www.redalyc.org/articulo.oa?id=155254736005 https://www.redalyc.org/journal/1552/155254736005/ https://www.redalyc.org/journal/1552/155254736005/html/ https://www.redalyc.org/journal/1552/155254736005/155254736005.epub https://www.redalyc.org/journal/1552/155254736005/movil |