The Behavior of the Annual Electricity Demand and the Role of Economic Growth in Colombia

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Abstract

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.Keywords: Energy Forecasting; Electricity Demand; Macroeconomics Indicator; Backward, Forward, and Stepwise methods.JEL Classifications: Q41, Q43, Q47.DOI: https://doi.org/10.32479/ijeep.11386

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Author Biographies

John William Grimaldo-Guerrero, Universidad de la Costa

Departamento de energía

Jorge Ivan Silva-Ortega, Universidad de la Costa

Ph.D. Student at Universidad Pontificia Bolivariana UPB, Departamento de energía, Universidad de la Costa.

John E. Candelo-Becerra, Universidad Nacional de Colombia

Departamento de Energía Eléctrica y Automática, Facultad de Minas, Universidad Nacional de Colombia, Sede Medellín, Carrera 80 No. 65-223, Campus Robledo, Medellín 050041, Antioquia, Colombia

Bernardo Balceiro-Alvarez, Universidad de la Costa

Student of Electrical Engineering

Omar Cabrera-Anaya, Universidad de la Costa

Student of Electrical Engineering

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Published

2021-08-20

How to Cite

Grimaldo-Guerrero, J. W., Silva-Ortega, J. I., Candelo-Becerra, J. E., Balceiro-Alvarez, B., & Cabrera-Anaya, O. (2021). The Behavior of the Annual Electricity Demand and the Role of Economic Growth in Colombia. International Journal of Energy Economics and Policy, 11(5), 8–12. Retrieved from https://econjournals.com./index.php/ijeep/article/view/11386

Issue

Vol. 11 No. 5 (2021)

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Articles

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