The Effects of Higher Prices on Electricity Consumption

James M. Griffin

Bell Journal of Economics, 1974, vol. 5, issue 2, 515-539

Abstract: This paper utilizes an econometric model of the electric utility industry to stimulate the effects of higher fuel prices on electricity demand and on the mix of fuel inputs to electricity generation. The model treats as endogenous electricity demand, electricity prices, the efficiency of fuel conversion, and the choice among coal, natural gas, residual fuel oil, and nuclear fuel inputs. The results here suggest that given projected fuel input prices, the short- and long-run impacts on electricity demand are likely to be small. The effects on fuel mix appear quite substantial in the intermediate and long run, but in the period of one year or less, fuel substitution possibilities appear fairly limited.

Date: 1974
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