Effects of Increased Renewable Energy Consumption on Electricity Prices: Evidence for Six South American Countries
Abstract
:1. Introduction
2. Literature Review and Empirical Evidence
3. Methodology
3.1. General Characterization of the State of Renewable Energies in the Study Countries during the Established Period (2000–2015)
3.2. Data on Energy Evolution in the Countries under Study by Sector
3.3. Econometric Methodology: Panel Models to Estimates
4. Results
5. Discussion
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Model 1 | ||||
---|---|---|---|---|
Type | Variable | Symbol | Unit of Measure | Source |
Dependent | Annual average price of electrical energy in the industrial sector | dollar per kilowatt-hour (US$/kWh) | Energy Information System of Latin America and the Caribbean (sieLAC) of the Latin American Energy Organization (OLADE) [41] | |
Independent | Percentage of renewable energy over total consumption | Percentage of total (%) | International Energy Agency (IEA) [2] | |
Gross domestic product | Dollars current prices (USD) | World Bank [45] | ||
Carbon dioxide emissions | Kiloton (kt) | World Bank [45] | ||
Average price of a barrel of oil | Dollars(USD) | Organization of Petroleum Exporting Countries [46] | ||
Model 2 | ||||
Dependent | Average annual price of electricity in the residential sector | dollar per kilowatt-hour (US$/kWh) | Energy Information System of Latin America and the Caribbean (sieLAC) of the Latin American Energy Organization (OLADE) [41] | |
Independent | Same as model 1 | |||
Model 3 | ||||
Dependent | Annual average price of electricity in the commercial and services sector | dollar per kilowatt-hour (US$/kWh) | Energy Information System of Latin America and the Caribbean (sieLAC) of the Latin American Energy Organization (OLADE) [41] | |
Independent | Same as model 1 |
Variable | Mean | Std. Dev. | Min | Max | Observations | |
---|---|---|---|---|---|---|
Overall | −2.741812 | 0.4592363 | −5.480943 | −1.514507 | N = 156 | |
Between | 0.2272935 | −3.003477 | −2.425311 | n = 6 | ||
Within | 0.409351 | −5.355942 | −1.831008 | T = 26 | ||
Overall | −2.513096 | 0.5441885 | −3.98939 | −1.463378 | N = 156 | |
between | 0.2844461 | −2.833811 | −2.043433 | n = 6 | ||
within | 0.4777881 | −4.142023 | −1.580299 | T = 26 | ||
overall | −2.246817 | 0.4689988 | −3.396688 | −1.349365 | N = 156 | |
between | 0.3203089 | −2.706969 | −1.781564 | n = 6 | ||
within | 0.3659374 | −3.054188 | −1.499345 | T = 26 | ||
overall | 24.56385 | 9.222533 | 7.609687 | 39.91311 | N = 156 | |
between | 8.971631 | 10.17846 | 32.20002 | n = 6 | ||
within | 4.188942 | 14.45114 | 35.91472 | T = 26 | ||
overall | 24.97352 | 1.19305 | 22.30586 | 27.1114 | N = 156 | |
between | 1.129406 | 23.11222 | 26.35039 | n = 6 | ||
within | 0.5945969 | 23.81772 | 26.08108 | T = 26 | ||
overall | 10.57603 | 0.8562257 | 8.644707 | 12.13399 | N = 156 | |
between | 0.8839395 | 9.239812 | 11.84287 | n = 6 | ||
within | 0.278922 | 9.98093 | 11.26 | T = 26 | ||
overall | 3.634834 | 0.6538565 | 2.665838 | 4.60076 | N = 156 | |
between | 0 | 3.634834 | 3.634834 | n = 6 | ||
within | 0.6538565 | 2.665838 | 4.60076 | T = 26 |
Statistical Tests | Model 1 | Model 2 | Model 3 |
---|---|---|---|
Hausman test H0 difference in coefficients not systematic | chi2(4) = 268.64 Prob > chi2 = 0.0000 | chi2(4) = 3.97 Prob > chi2 = 0.4104 | chi2(4) = 4.54 Prob > chi2 = 0.3381 |
Autocorrelation Wooldridge test H0: no first-order autocorrelation | F(1, 5) = 5.900 Prob > F = 0.0595 | F(1, 5) = 14.13 Prob > F = 0.0132 | F(1, 5) = 23.568 Prob > F = 0.0047 |
Heteroscedasticity Modified Wald test for groupwise heteroscedasticity in fixed effect regression model H0: sigma(i)^2 = sigma^2 for all i | chi2 (6) = 85.66 Prob > chi2 = 0.0000 | ||
Panel Groupwise Heteroscedasticity Tests Ho: Panel Homoscedasticity Ha: Panel Groupwise Heteroscedasticity | -Lagrange Multiplier LM Test = 1050.3227 p-Value > Chi2(5) 0.0000 -Likelihood Ratio LR Test = 17.7221 p-Value > Chi2(5) 0.0033 -Wald Test = 5031.2 p-Value > Chi2(6) 0.0000 | -Lagrange Multiplier LM Test = 738.1971 p-Value > Chi2(5) 0.0000 -Likelihood Ratio LR Test = 9.6947 p-Value > Chi2(5) 0.0844 -Wald Test = 1084.6311 p-Value > Chi2(6) 0.0000 |
Model 1 (4) Industrial Sector | Model 2 (5) Residential Sector | Model 3 (6) Commercial and Services Sector | Model 4 Industrial Sector | Model 5 Residential Sector | Model 6 Commercial and Services Sector | |
---|---|---|---|---|---|---|
FIXED | RANDOM | RANDOM | PCSE | PCSE | PCSE | |
−0.006 | −0.021 ** | −0.004 | 0.003 | −0.004 * | 0.006 | |
(−0.61) | (−2.82) | (−0.55) | (0.82) | (−2.03) | (1.00) | |
1.060 *** | 1.265 *** | 0.974 *** | 0.774 *** | 1.066 *** | 0.752 *** | |
(9.21) | (12.01) | (9.71) | (6.98) | (8.07) | (6.13) | |
−1.196 *** | −1.588 *** | −1.159 *** | −0.929 *** | −1.232 *** | − 0.915 *** | |
−1.196 *** | −1.588 *** | −1.159 *** | −0.929 *** | −1.232 *** | − 0.915 *** | |
(−4.79) | (−9.10) | (−6.68) | (−5.94) | (−6.32) | (−5.04) | |
−0.302 *** | −0.181** | −0.261 *** | −0.131 * | −0.116 | −0.0541 | |
(−4.16) | (−3.00) | (−4.50) | (−2.00) | (−1.55) | (−0.81) | |
_cons | −15.31 *** | −16.12 *** | −13.26 *** | −11.85 *** | −15.60 *** | −11.32 *** |
(−6.00) | (−10.09) | (−8.13) | (−11.17) | (−9.73) | (−7.63) | |
sigma_u | 0.283 | 0.222 | 0.260 | |||
sigma_e | 0.322 | 0.298 | 0.287 | |||
Rho | 0.434 | 0.359 | 0.452 | 0.319 | 0.675 | 0.568 |
R2 | 0.415 | 0.627 | 0.421 | |||
N | 156 | 156 | 156 | 156 | 156 | 156 |
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Correa-Quezada, R.; Tituaña-Castillo, M.d.C.; del Río-Rama, M.d.l.C.; Álvarez-García, J. Effects of Increased Renewable Energy Consumption on Electricity Prices: Evidence for Six South American Countries. Energies 2022, 15, 620. https://doi.org/10.3390/en15020620
Correa-Quezada R, Tituaña-Castillo MdC, del Río-Rama MdlC, Álvarez-García J. Effects of Increased Renewable Energy Consumption on Electricity Prices: Evidence for Six South American Countries. Energies. 2022; 15(2):620. https://doi.org/10.3390/en15020620
Chicago/Turabian StyleCorrea-Quezada, Ronny, María del Cisne Tituaña-Castillo, María de la Cruz del Río-Rama, and José Álvarez-García. 2022. "Effects of Increased Renewable Energy Consumption on Electricity Prices: Evidence for Six South American Countries" Energies 15, no. 2: 620. https://doi.org/10.3390/en15020620
APA StyleCorrea-Quezada, R., Tituaña-Castillo, M. d. C., del Río-Rama, M. d. l. C., & Álvarez-García, J. (2022). Effects of Increased Renewable Energy Consumption on Electricity Prices: Evidence for Six South American Countries. Energies, 15(2), 620. https://doi.org/10.3390/en15020620