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Hourly price elasticity pattern of electricity demand in the German day-ahead market

机译:德国日前市场中电力需求的每小时价格弹性模式

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摘要

System security in electricity markets relies crucially on the interaction between demand and supply over time. However, research on electricity markets has been mainly focusing on the supply side arguing that demand is rather inelastic. Assuming perfectly inelastic demand might lead to delusive statements regarding the price formation in electricity markets. In this article we quantify the short-run price elasticity of electricity demand in the German day-ahead market and show that demand is adjusting to price movements in the short-run. We are able to solve the simultaneity problem of demand and supply for the German market by incorporating variable renewable electricity generation for the estimation of electricity prices in our econometric approach. We find a daily pattern for demand elasticity on the German day-ahead market where price-induced demand response occurs in early morning and late afternoon hours. Consequently, price elasticity is lowest at night times and during the day. Our measured price elasticity peaks at a value of approximately -0.006 implying that a one percent increase in price reduces demand by 0.006 percent.
机译:电力市场中的系统安全性主要取决于一段时间内供需之间的相互作用。但是,对电力市场的研究主要集中在电力供应方面,理由是需求缺乏弹性。假设完全无弹性的需求可能导致有关电力市场价格形成的欺骗性陈述。在本文中,我们量化了德国日前市场中电力需求的短期价格弹性,并表明需求正在适应短期中的价格变动。通过将可变可再生能源发电量并入我们的计量经济学方法中,我们能够解决德国市场供需的同时性问题。我们在德国日前市场上发现了需求弹性的每日模式,价格引起的需求响应发生在清晨和午后。因此,夜间和白天的价格弹性最低。我们测得的价格弹性在-0.006处达到峰值,这意味着价格上涨1%会使需求减少0.006%。

著录项

  • 作者

    Knaut Andreas; Paulus Simon;

  • 作者单位
  • 年度 2016
  • 总页数
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类

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