HOURLY PRICE ELASTICITIES OF HOUSEHOLD ELECTRICITY DEMAND USING HIGH-FREQUENCY METERING AND SURVEY DATA

摘要

We explore the hourly electricity price response of Korean households under an increasing block rate,using highfrequency electricity usage data and extensive on-site surveys collected from a total of 1,177 households in February 2017.To our best knowledge,no previous studies examined hour-level price elasticities of electricity demand for residential customers.A discrete-continuous choice(DCC)model has been constructed to represent the households'decision making for electricity consumption in every hour over the course of the billing period,while addressing the possible price endogeneity issue inherent under the block pricing.Our results from a system of equations of hourly electricity demand show relatively low price elasticities at the hourly level compared to annual or monthly residential demand examined in previous literature.Our study also indicates that the households remain most price-responsive after working hours.