How Population Age Distribution Affects Future Electricity Demand in Korea: Applying Population Polynomial Function

Ha-Hyun Jo, Minwoo Jang and Jaehyeok Kim
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Ha-Hyun Jo: Department of Economics, Yonsei University, 50 Yonsei-ro, Seodaemun-gu, Seoul 03722, Korea
Minwoo Jang: Korea Power Exchange, 625 Bitgaram-ro, Naju City 58322, Korea
Jaehyeok Kim: Yonsei Economic Research Institute, 50 Yonsei-ro, Seodaemun-gu, Seoul 03722, Korea

Energies, 2020, vol. 13, issue 20, 1-17

Abstract: Mounting evidence shows that economic and climate variables such as income, energy price, and temperature impact energy demand. We examined another variable, population age distribution, which has rarely been considered, that could affect energy demand. We employ population polynomials to account for the impact of population age distribution on residential electricity consumption in Korea. Using panel data from 1990 to 2016, we verify that populations aged 20~44, and those over 60, raise residential electricity consumption. We additionally evaluate the impact of population age distribution in forecasting future electricity consumption and conclude that age distribution effects dominate total population growth effects.

Keywords: electricity demand; population age distribution; population aging; population polynomials; electricity demand forecast (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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