Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity

COVID-19 disease shocked global economic activity and affected the electricity markets due to lockdown and work-from-home policies. Therefore, this study proposes an empirical analysis to identify the electricity spot price response during the preventive and mandatory insulation in Colombia, where t...

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Autores principales:	Andrés Oviedo-Gómez, Sandra Milena Londoño-Hernández, Diego Fernando Manotas-Duque
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	COVID-19 pandemic lockdown electricity prices electricity demand electricity market Technology T
Acceso en línea:	https://doaj.org/article/b8d96547149e4158a3e6387ae37e35eb
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spelling	oai:doaj.org-article:b8d96547149e4158a3e6387ae37e35eb2021-11-11T15:48:40ZEffects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity10.3390/en142169891996-1073https://doaj.org/article/b8d96547149e4158a3e6387ae37e35eb2021-10-01T00:00:00Zhttps://www.mdpi.com/1996-1073/14/21/6989https://doaj.org/toc/1996-1073COVID-19 disease shocked global economic activity and affected the electricity markets due to lockdown and work-from-home policies. Therefore, this study proposes an empirical analysis to identify the electricity spot price response during the preventive and mandatory insulation in Colombia, where the economic contraction caused the largest decrease in the electricity demand, especially in the industrial sector. The methodology applied was quantile regression to quantify the non-linear effect on the spot price returns, and two sample periods were selected to contrast the results: 2018 and 2019. The main findings showed that regulated demand variation caused the highest variability on the spot price dynamic during the strict quarantine. However, the price could not fully capture the effects of the demand change due to the short duration of the shock and, also, the price variability in 2019 was higher than 2020 by an El Niño shock.Andrés Oviedo-GómezSandra Milena Londoño-HernándezDiego Fernando Manotas-DuqueMDPI AGarticleCOVID-19pandemiclockdownelectricity priceselectricity demandelectricity marketTechnologyTENEnergies, Vol 14, Iss 6989, p 6989 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	COVID-19 pandemic lockdown electricity prices electricity demand electricity market Technology T
spellingShingle	COVID-19 pandemic lockdown electricity prices electricity demand electricity market Technology T Andrés Oviedo-Gómez Sandra Milena Londoño-Hernández Diego Fernando Manotas-Duque Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity
description	COVID-19 disease shocked global economic activity and affected the electricity markets due to lockdown and work-from-home policies. Therefore, this study proposes an empirical analysis to identify the electricity spot price response during the preventive and mandatory insulation in Colombia, where the economic contraction caused the largest decrease in the electricity demand, especially in the industrial sector. The methodology applied was quantile regression to quantify the non-linear effect on the spot price returns, and two sample periods were selected to contrast the results: 2018 and 2019. The main findings showed that regulated demand variation caused the highest variability on the spot price dynamic during the strict quarantine. However, the price could not fully capture the effects of the demand change due to the short duration of the shock and, also, the price variability in 2019 was higher than 2020 by an El Niño shock.
format	article
author	Andrés Oviedo-Gómez Sandra Milena Londoño-Hernández Diego Fernando Manotas-Duque
author_facet	Andrés Oviedo-Gómez Sandra Milena Londoño-Hernández Diego Fernando Manotas-Duque
author_sort	Andrés Oviedo-Gómez
title	Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity
title_short	Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity
title_full	Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity
title_fullStr	Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity
title_full_unstemmed	Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity
title_sort	effects of the covid-19 pandemic on the spot price of colombian electricity
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/b8d96547149e4158a3e6387ae37e35eb
work_keys_str_mv	AT andresoviedogomez effectsofthecovid19pandemiconthespotpriceofcolombianelectricity AT sandramilenalondonohernandez effectsofthecovid19pandemiconthespotpriceofcolombianelectricity AT diegofernandomanotasduque effectsofthecovid19pandemiconthespotpriceofcolombianelectricity
_version_	1718433854096670720

Effects of the COVID-19 Pandemic on the Spot Price of Colombian Electricity

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