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Fuel Demand across UK Industrial Subsectors

Agnolucci, P; De Lipsis, V; (2020) Fuel Demand across UK Industrial Subsectors. The Energy Journal , 41 (6) pp. 33-54. 10.5547/01956574.41.6.pagn. Green open access

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Abstract

Heterogeneity is a theme acquiring more and more prominence in the energy economic literature from both a modelling and policy-making perspective. We show that useful empirical evidence on this subject can be obtained by applying a parsimonious multivariate cointegration analysis that makes use of the increasingly available time series data on energy demand. We find that there is substantial heterogeneity in the demand for fuels from UK firms belonging to different subsectors, with price and level of production having different degrees of importance in the fuel choice, and with evidence of both substitutability and complementarity between fuels. Moreover, we show that fuel demand for the industrial sector as a whole is considerably more elastic than most estimates presented in the literature, finding which has direct relevance for policies aimed at influencing industrial fuel consumption through fuel switching.

Type: Article
Title: Fuel Demand across UK Industrial Subsectors
Open access status: An open access version is available from UCL Discovery
DOI: 10.5547/01956574.41.6.pagn
Publisher version: https://doi.org/10.5547/01956574.41.6.pagn
Language: English
Additional information: This is an open access article under the terms of the Creative Commons Attribution License (CC-BY) (http://creativecommons.org/licenses/by/4.0/), which permits use, distribution and reproduction in any medium, provided the original work is properly cited. All rights reserved.
Keywords: Fuel demand, Energy demand, Elasticities, Industrial subsectors, Industrial sector, Cointegration, Heterogeneity
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources
URI: https://discovery.ucl.ac.uk/id/eprint/10105551
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