The Behavior of the Annual Electricity Demand and the Role of Economic Growth in Colombia

John William Grimaldo-Guerrero, Jorge Ivan Silva-Ortega, John E. Candelo-Becerra, Bernardo Balceiro-Alvarez and Omar Cabrera-Anaya
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John William Grimaldo-Guerrero: Departamento de Energ a, Universidad de la Costa, Colombia
Jorge Ivan Silva-Ortega: Ph.D. Student at Universidad Pontificia Bolivariana UPB, and Departamento de Energ a, Universidad de la Costa, Colombia
John E. Candelo-Becerra: Departamento de Energ a El ctrica y Autom tica, Facultad de Minas, Universidad Nacional de Colombia, Sede Medell n, Carrera 80 No. 65-223, Campus Robledo, Medell n 050041, Antioquia, Colombia,
Bernardo Balceiro-Alvarez: Universidad de la Costa, Colombia.
Omar Cabrera-Anaya: Universidad de la Costa, Colombia.

International Journal of Energy Economics and Policy, 2021, vol. 11, issue 5, 8-12

Abstract: The electricity demand forecast allows countries to establish long-term plans and objectives for identifying gaps, selecting strategies, and designing the electric power system's architecture. Traditional models use GDP as the primary variable to forecast the electricity demand. The work presents an analysis of the relationship between electricity demand and economic growth, using regression methods with one or more variables. The GDP and sectoral GDP data was provided by Banco de la Rep blica de Colombia. The results validate the traditional model and offer alternative models that can relate the economy's different sectors with the electricity demand.

Keywords: Energy Forecasting; Electricity Demand; Macroeconomics Indicator; Backward, Forward, and Stepwise methods. (search for similar items in EconPapers)
JEL-codes: Q41 Q43 Q47 (search for similar items in EconPapers)
Date: 2021
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