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Article

Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity

1
School of Electrical and Electronic Engineering, Universidad del Valle, 76001 Cali, Colombia
2
School of Industrial Engineering, Universidad del Valle, 76001 Cali, Colombia
*
Author to whom correspondence should be addressed.
Academic Editor: Javier Reneses
Energies 2021, 14(21), 6989; https://doi.org/10.3390/en14216989
Received: 3 October 2021 / Revised: 19 October 2021 / Accepted: 20 October 2021 / Published: 25 October 2021
COVID-19 disease shocked global economic activity and affected the electricity markets due to lockdown and work-from-home policies. Therefore, this study proposes an empirical analysis to identify the electricity spot price response during the preventive and mandatory insulation in Colombia, where the economic contraction caused the largest decrease in the electricity demand, especially in the industrial sector. The methodology applied was quantile regression to quantify the non-linear effect on the spot price returns, and two sample periods were selected to contrast the results: 2018 and 2019. The main findings showed that regulated demand variation caused the highest variability on the spot price dynamic during the strict quarantine. However, the price could not fully capture the effects of the demand change due to the short duration of the shock and, also, the price variability in 2019 was higher than 2020 by an El Niño shock. View Full-Text
Keywords: COVID-19; pandemic; lockdown; electricity prices; electricity demand; electricity market; quantile regression approach COVID-19; pandemic; lockdown; electricity prices; electricity demand; electricity market; quantile regression approach
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MDPI and ACS Style

Oviedo-Gómez, A.; Londoño-Hernández, S.M.; Manotas-Duque, D.F. Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity. Energies 2021, 14, 6989. https://doi.org/10.3390/en14216989

AMA Style

Oviedo-Gómez A, Londoño-Hernández SM, Manotas-Duque DF. Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity. Energies. 2021; 14(21):6989. https://doi.org/10.3390/en14216989

Chicago/Turabian Style

Oviedo-Gómez, Andrés, Sandra Milena Londoño-Hernández, and Diego Fernando Manotas-Duque. 2021. "Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity" Energies 14, no. 21: 6989. https://doi.org/10.3390/en14216989

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