Determinants of Energy Consumption: A Review

Samuel Yeboah, Ohene Manu and T. B. Wereko

International Journal of Management Sciences, 2013, vol. 1, issue 12, 482-487

Abstract: Energy is an important resource for the economic development of an economy and social well being of its citizens. In the face of increasing sectors of economies energy consumption is expected to increase and as such understanding of the variables significant in influencing energy consumption is very relevant. The paper aimed at contributing to the body of knowledge that exists in the area of energy consumption by reviewing relevant empirical works on energy demand to provide understanding of the various variables influencing energy consumption. The paper is based on secondary data obtained through archival study using various sources such as textbooks, journals, documents, and conference papers. The findings on the main determinants of energy consumption are mixed. But variables such as per capita real GDP; real price of electricity; price of substitute; population; air temperature; financial development variables (Bank Variables and Stock Variables); capital stock; industrial development and efficiency variable have been identified as influencing energy demand. It is the expectation of the researchers that the review on energy demand provide adequate information to energy planners, researchers, and policy makers in managing energy supply issues. More empirical research is recommended to address the inconsistencies in the literature.

Date: 2013
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