Electricity Consumption and Economic Growth: A New Relationship with Significant Consequences?

Hirsh, Richard F.; Koomey, Jonathan

doi:10.1016/j.tej.2015.10.002

Cited by 63 publications

(37 citation statements)

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“…Historically, there has been a significant correlation between electricity use and economic growth over the last four decades. [47][48][49] Leveraging the cross-domain COVID-EMDA + data hub, the changes in the electricity sector may be used by policy makers to provide short-term forecasts of the economic impact of COVID-19, including the GDP growth rate, and the level of commercial and industrial activity. The cross-domain restricted VAR analysis can also be extended to analyze the impact of various policy decisions on the electricity sector, and consequently, the short-term economic health.…”

Section: Discussionmentioning

confidence: 99%

A Cross-Domain Approach to Analyzing the Short-Run Impact of COVID-19 on the US Electricity Sector

Ruan

Zheng

et al. 2020

Joule

131

111

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The novel coronavirus disease (COVID-19) has rapidly spread around the globe in 2020, with the US becoming the epicenter of COVID-19 cases since late March. As the US begins to gradually resume economic activity, it is imperative for policymakers and power system operators to take a scientific approach to understanding and predicting the impact on the electricity sector. Here, we release a first-of-its-kind cross-domain open-access data hub, integrating data from across all existing US wholesale electricity markets with COVID-19 case, weather, mobile device location, and satellite imaging data. Leveraging cross-domain insights from public health and mobility data, we rigorously uncover a significant reduction in electricity consumption that is strongly correlated with the number of COVID-19 cases, degree of social distancing, and level of commercial activity.

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Section: Discussionmentioning

confidence: 99%

A Cross-Domain Approach to Analyzing the Short-Run Impact of COVID-19 on the US Electricity Sector

Ruan

Zheng

et al. 2020

Joule

131

111

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“…Shifts on the macroeconomic level, like economic growth or changes in interest rates, impact both the supply and the demand side of energy systems, thereby directly affecting electricity markets. In the context of business cycles, the relationship between energy (or specifically electricity) consumption and economic growth has been of constant interest (Ferguson et al 2000;Hirsh & Koomey 2015;Narayan & Prasad 2008;Payne 2010). In that respect, the influence of commodity prices also have to be taken into account.…”

Section: Background and Motivationmentioning

confidence: 99%

Economic Disruptions in Long-Term Energy Scenarios – Implications for Designing Energy Policy

et al. 2019

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The main drivers of transformation processes of electricity markets stem from climate policies and changing economic environments. In order to analyse the respective developments, modelling approaches regularly rely on multiple structural and parametric simplifications. For example, discontinuities in economic development (recessions and booms) are frequently disregarded. Distorting effects that are caused by such simplifications tend to scale up with an extension of the time horizon of the analysis and can significantly affect the accuracy of long-term projections. In this study, we include information on economic discontinuities and elaborate on their influences on short-and long-term modelling outcomes. Based on historical data, we identify the impact of a high-amplitude change in economic parameters and examine its cumulative effect on the German electricity market by applying a techno-economic electricity market model for the period from 2005 to 2014. Similar changes may consistently occur in the future and we expect that a more comprehensive understanding of their effects on long-term scenarios will increase the validity of long-term models. Results indicate that policy decision making based on modelling frameworks can benefit from a comprehensive understanding of the underlying simplifications of most scenario studies.

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“…Electrical power is essential for the sustenance and the development for socioeconomic activities of a nation. The power consumption of a nation can even be described as the indicator for the measure of the economic progress (Hirsh & Koomey, 2015). Thus, elevation of electrical power consumption of a country signi es the growth of economic and industrial activities for that country.…”

Section: Introduction and Background Of Studymentioning

confidence: 99%

Design and Development of a Small-Scale Mechanical Energy Conversion Device

Lee

2020

Preprint

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This study aims to design and construct a small-scale mechanical energy conversion device. It is designed to produce electrical power by harnessing the available mechanical energy from renewable resources. This study started off with literature review for the predominant principles and laws on how the machine shall be fabricated in order to function. The process is followed by the material selection and analysis before proceeding to the final design and construction. The constructed machine is then being tested through series of experiments. It was found that the small scale device was able to produce 6V of maximum voltage with rotor rotation speed up to 3000 RPM. The outcome from the experimentation shows that the small scale device is useful for power generation from renewable sources, such as stream energy with a micro hydro turbine. For future study, the machine shall consider a few improvements, such as rebuilding it using laminated iron as rotor core and increase the number of poles to enhance the performance of the machine in term of energy conversion and extraction. The design and built of this machine would definitely contribute to the environmental sustainability and development of rural area.

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Electricity Consumption and Economic Growth: A New Relationship with Significant Consequences?

Cited by 63 publications

References 0 publications

A Cross-Domain Approach to Analyzing the Short-Run Impact of COVID-19 on the US Electricity Sector

A Cross-Domain Approach to Analyzing the Short-Run Impact of COVID-19 on the US Electricity Sector

Economic Disruptions in Long-Term Energy Scenarios – Implications for Designing Energy Policy

Design and Development of a Small-Scale Mechanical Energy Conversion Device

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