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Energies 2016, 9(4), 250; doi:10.3390/en9040250

The Impact of Financial Crisis on Electricity Demand: A Case Study of North China

1
School of Economics and Management, North China Electric Power University, Beijing 102206, China
2
North China Grid Company Limited, No. 482 Canton Avenue, Beijing Xuanwu District, Beijing 100053, China
*
Authors to whom correspondence should be addressed.
Academic Editor: Robert Lundmark
Received: 5 February 2016 / Revised: 22 March 2016 / Accepted: 23 March 2016 / Published: 30 March 2016
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Abstract

The electricity consumption and economic growth are highly correlated. The financial crisis in 2008 brought a negative effect on China’s economic growth, which also influenced the electricity consumption. The electricity demand of North China region was also greatly influenced by this financial crisis, the whole social electricity consumption growth rate of which decreased by 14.31% in 2008 compared to that in 2007. In order to analyze the random impulse effect of the financial crisis on the demand of electricity in North China, the monthly data is decomposed into deterministic trend, stochastic impact effect, and periodic trend using the Beveridge-Nelson decomposition method. After comparatively analyzing the impulse effect of the financial crisis on electricity consumption of six provinces in North China, we can draw the conclusions: (1) the electricity consumption of the whole society and the secondary industry are under larger negative impacts, and the random impulse effect of the secondary industry is more intense; and (2) the impact of the financial crisis on the tertiary industry, which is mainly influenced by seasonal changes, is smaller. Finally, some policy implications are proposed. View Full-Text
Keywords: electricity consumption; financial crisis; Beveridge-Nelson decomposition method; stochastic impact effect; North China electricity consumption; financial crisis; Beveridge-Nelson decomposition method; stochastic impact effect; North China
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Zhao, H.; Zhao, H.; Guo, S.; Li, F.; Hu, Y. The Impact of Financial Crisis on Electricity Demand: A Case Study of North China. Energies 2016, 9, 250.

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