How aggregate electricity demand responds to hourly wholesale price fluctuations
利用风力发电作为工具变量，估计德国总电力需求对小时级批发价格波动的短期弹性约为-0.05，并归因于工业用户，为理解实时定价对需求的影响提供依据。
Electricity needs to be consumed at the very moment of production, leading wholesale prices to fluctuate widely at (sub-)hourly time scales. This article investigates the response of aggregate electricity demand to such price variations. Using wind energy as an instrument, we estimate a significant and robust short-term price elasticity of about −0.05 in Germany and attribute this to industrial consumers. As the share of consumption that is exposed to real-time prices (currently less than 25%) expands, we expect the aggregated price elasticity to grow.