Cathrine Falbe Pedersen and I estimate the price elasticity of electricity demand with respect to the hourly spot price, using Danish data from Energinet on 48 grid companies for each hour of the years 2016-2018 split into wholesale and retail electricity consumption.
The project is a part of the 2019 seminar course in Energy Economics held by Frederik Roose Øvlisen at University of Copenhagen, Department of Economics.
See our
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Seminar paper and an overview of its main figures.
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Presentation on our (preliminary) results.
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Python code for scraping, cleaning, and descriping hourly data on electricity consumption and prices, wind power prognosis, temperature, sunrise and sunset. Likewise for the figures with estimation results.
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Stata code for descriptive statistics and estimation of grid-level electricity consumption using a Random Effects Instrumental Variables (REIV) model.
The complete tables of estimation results including the coefficients for each of the interaction terms of the time controls:
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Table 2: log wholesale electricity consumption (REIV)
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Table 3: log retail electricity consumption by region, hours 17-19 (REIV)
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Table 4: log retail electricity consumption in Radius, hours 17-19 (P2SLS)
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Table 5: Reduced form of log spot price for DK1, business days, hours 11-15 (POLS)
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Table 6: log wholesale electricity consumption, business days, hours 11-15 (FE, RE, FEIV, and REIV)
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Table 7: log wholesale electricity consumption by grid, business days, hours 11-15 (POLS)
- Table 7b: Breusch-Pagan / Cook-Weisberg test for heteroskedasticity
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Table 8: Reduced form of log spot price for DK2, business days, hours 11-15 (POLS)
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Table 9: log wholesale electricity consumption for N1 (DK1), business days, hours 11-15
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Table 10: log wholesale electricity consumption for Radius (DK2), business days, hours 11-15
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Table 11: log wholesale electricity consumption by region/year, business days, hours 11-15 (REIV)
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Table 12: log wholesale electricity consumption by large grid areas, business days, hours 11-15 (P2SLS)
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Table 13: log retail electricity consumption by year, hours 17-19 (REIV)
This project is released under the MIT License, that is, you can basically do anything with my code as long as you give appropriate credit and don’t hold me liable.