Demand

Makoto Tanaka, Antonio J. Conejo and Afzal S. Siddiqui
Additional contact information
Antonio J. Conejo: The Ohio State University
Afzal S. Siddiqui: Stockholm University

Chapter Chapter 1 in Economics of Power Systems, 2022, pp 1-34 from Springer

Abstract: Abstract In a restructured power industry, both supply and demand sides play important roles to determine the market prices of electricity. This chapter explores the demand side, while Chap. 2 examines the supply side. Microeconomic theory describes the general mechanism of consumer demand. With a focus on electricity markets, we discuss the general theory of demand, covering key concepts of microeconomics including utility functions, demand functions, price elasticity of demand, and consumer surplus. We also investigate recent issues in electricity markets such as the effect of demand response and prosumers.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-3-030-92871-1_1

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DOI: 10.1007/978-3-030-92871-1_1

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