Electricity Consumption Demand Model in Czech Households
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The goal of this article is to find the determinants of household electricity consumption in the Czech Republic, and present several scenarios with predictions of possible trends in consumption.
Based on quarterly time series (2000–2011) data, our model provides a method for forecasting electricity consumption by households that can easily be used in practice. The endogenous variable (electricity consumption in households) is explained by using a set of seven independent explanatory variables: total household consumption, employment, wages and salaries, taxes, prices of substitutes, population count, and temperature. Furthermore, a set of three dummy variables was added to the model to adjust for seasonal variations. The fourth quarter, having no dummy variables, serves as a referential period.
The model was estimated by the least squares method, and the results show the dependency of households’ electricity consumption on prices of natural gas (as a substitute for electricity consumptio
- Electricity Consumption Demand Model in Czech Households
International Advances in Economic Research
Volume 19, Issue 1 , pp 63-64
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