THE BEHAVIOR OF THE ANNUAL ELECTRICITY DEMAND AND THE ROLE OF ECONOMIC GROWTH IN COLOMBIA

The electricity demand forecast allows countries to establish long-term plans and objectives for identifying gaps, selecting strategies, and designing the electric power system's architecture. Traditional models use GDP as the primary variable to forecast the electricity demand. The work presen...

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Bibliographic Details
Published inInternational journal of energy economics and policy Vol. 11; no. 5; pp. 8 - 12
Main Authors Grimaldo-Guerrero, John William, Silva-Ortega, Jorge Ivan, Candelo-Becerra, John E., Balceiro-Alvarez, Bernardo
Format Journal Article
LanguageEnglish
Published Mersin EconJournals 2021
Subjects
Economic growth
Electricity
Electricity distribution
GDP
Gross Domestic Product
Colombia
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Summary:The electricity demand forecast allows countries to establish long-term plans and objectives for identifying gaps, selecting strategies, and designing the electric power system's architecture. Traditional models use GDP as the primary variable to forecast the electricity demand. The work presents an analysis of the relationship between electricity demand and economic growth, using regression methods with one or more variables. The GDP and sectoral GDP data was provided by Banco de la República de Colombia. The results validate the traditional model and offer alternative models that can relate the economy's different sectors with the electricity demand.
ISSN:2146-4553
2146-4553
DOI:10.32479/ijeep.11386