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Medientyp:
E-Book
Titel:
Residential Demand Response and Dynamic Electricity Contracts With Hourly Prices
:
A Study of Norwegian Households During the 2021/22 Energy Crisis
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 18, 2023 erstellt
Beschreibung:
Price-responsive demand and dynamic electricity price contracts can play a vital role in balancing renewable energy production and alleviating energy shortages such as those experienced in the European energy crisis. This study explores the implicit demand flexibility of residential consumers during the first period of extraordinarily high electricity prices in winter 2021/22. Norwegian households are especially interesting to study since most have electric heating and spot price electricity contracts with hourly changing prices. An econometric model is developed that compares the winter demand with pre-crisis levels, adjusts for factors influencing electricity consumption, such as outdoor temperature, and utilises hourly electricity demand data. Findings reveal substantial energy savings of 11.4 % average hourly demand reduction during winter. On average, no significant short-term price response to daily or hourly price variations is observed. However, several household subgroups show short-term price response, particularly those actively monitoring hourly prices via real-time information channels and households with automatic smart charging of electric cars. The smart charging group also demonstrated significant load shifting to low-price hours. Thus, the study concludes that households can respond to variable hourly electricity prices and suggests the promotion of spot price contracts to incentivise residential demand response