Conservation of energy and electricity: the post-embargo record. [Ratio of energy demand to GNP]
Technical Report
·
OSTI ID:5727635
The post-embargo era has been the scene of an unprecedented slowdown in demand for energy and electricity. This paper presents historical data on demand for energy and electricity and uses a simple model to analyze the data. The model has four parameters: the average lifetime of capital stock, a long-run price elasticity, a short-run price elasticity, and a time trend. The results for both energy and electricity are a long (20-year) life-time of capital stock, a large long-run price elasticity, and a small short-run price elasticity. There is no time trend for energy demand, but there is a small positive time trend for electricity demand. If prices are constant for the next 20 years, the model forecasts a substantial decrease in the ratio of energy demand and GNP and a moderate decrease in the ratio of electricity demand and GNP. Future price increases would exacerbate the decreases.
- Research Organization:
- Oak Ridge Associated Universities, Inc., TN (USA)
- DOE Contract Number:
- AC05-76OR00033
- OSTI ID:
- 5727635
- Report Number(s):
- ORAU/IEA-85-1(M); ON: DE85012901
- Country of Publication:
- United States
- Language:
- English
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