How (In)elastic is the short-run demand for electricity?
利用瑞士2016-2023年数据，以进口风能和降水量为工具变量，估计短期电力需求价格弹性为-0.1，发现弹性完全来自储能系统和发电厂，终端用户需求完全无弹性。
This paper examines how the aggregate demand for electricity responds to changes in hourly wholesale market prices. I focus on a hydropower-rich country and use data on imported wind energy and accumulated precipitation as instruments for price. Using data from Switzerland from 2016 to 2023, I find that both instruments have a strong and significant price-depressing effect, and I estimate the price elasticity of aggregate demand to be − 0 . 1 . However, this responsiveness is entirely driven by the consumption of storage systems and power plants, while end-user demand remains perfectly inelastic to price fluctuations in the short-run.