Price and income elasticity of natural gas demand in Europe and the effects of lockdowns due to Covid-19
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Price and income elasticity of natural gas demand in Europe and the effects of lockdowns due to Covid-19Data
2022Cita bibliográfica
Erias, A.F., Iglesias, E.M. (2022). Price and income elasticity of natural gas demand in Europe and the effects of lockdowns due to Covid-19. Energy Strategy Reviews, 44, 100945. doi: 10.1016/j.esr.2022.100945
Resumo
[Abstract] We analyse a panel of 25 European-countries to provide novel estimates of monthly own-price, cross-price, and income elasticities of natural-gas-demand from 2005 to 2020. We find that: first, there is an European Standard Behaviour (ESB) with a strong-seasonal component. Second, we identify three different patterns from the ESB: 1) France, Denmark and Estonia present slightly positive elasticities in the short-run and a lack of sensitivity to own-price variations in the long-run –we argue this phenomenon is due to a higher weight of heating demand-. 2) Latvia presents a lower sensitivity to own-price variations than the ESB -we argue due to the role of natural gas as a unique backup technology in the power sector-. 3) In Portugal, natural gas showed the highest own-price elasticities – we argue that natural gas is used mainly in the power sector with substitutive technologies-. Finally, we find that Covid-19-lockdowns highly impacted natural-gas-demand, confirming the “double-heating-effect”.
Palabras chave
Natural gas
Price elasticity
Income elasticity
Energy demand in Europe
Double heating effect
Price elasticity
Income elasticity
Energy demand in Europe
Double heating effect
Versión do editor
Dereitos
Atribución 4.0 Internacional
ISSN
2211-467X