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Response to Extreme Energy Price Changes: Evidence from Ukraine

Anna Alberini, Olha Khymych, and Milan Šcasný

Year: 2019
Volume: Volume 40
Number: Number 1
DOI: 10.5547/01956574.40.1.aalb
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Abstract:
Large but temporary price increases are sometimes deployed on days when the demand for electricity is extremely high due to exceptionally warm or cold weather. But what happens when the extreme price changes are permanent? Between January 2013 and April 2016, natural gas and electricity prices in Ukraine increased dramatically (up to 300% of the initial rates). We exploit variation in tariffs over time and across customers to estimate the price elasticity of electricity demand using a panel dataset with monthly meter readings from households in Uzhhorod in Ukraine. The price elasticity of electricity demand is -0.2 to -0.5, with the bulk of our estimates around -0.3. The elasticity becomes up to 50% more pronounced over the first three months since prices change. We find only limited evidence that persons who are attentive about their consumption levels, their bills, or the tariffs are more responsive to the price changes.



Abatement Technologies and their Social Costs in a Hybrid General Equilibrium Framework

Michael Miess, Stefan Schmelzer, Milan Šcasný, and Vedunka Kopecná

Year: 2022
Volume: Volume 43
Number: Number 2
DOI: 10.5547/01956574.43.2.mmie
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Abstract:
We present a novel methodology to integrate heterogeneous micro-founded preferences into a dynamic computable general equilibrium model. This integrated model is linked to a bottom-up technology-rich electricity model and a stock-flow vehicle accounting model to quantify the social costs of electric vehicles as an endogenous, demand-driven abatement technology. Emission abatement is achieved through consumer choices that are recognised as a central driver of endogenous technological change. Endogenously determined emissions from vehicle use, electricity generation, and production provide an input to quantify external costs attributable to air quality and carbon emissions. We find that carbon and vehicle registration tax policies induce a significant shift away from conventional vehicles towards electric vehicles in Austria by 2030. The shift to electric vehicles results in small overall economic costs, a substantial decline in fuel demand that exceeds the increase in electricity demand to charge vehicle batteries, and overall positive net environmental benefits.





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