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Changing Primary Energy Consumption Due to COVID-19: The Study 20 European Economies

Author

Listed:
  • Seyed Reza Mirnezami

    (Assistant Professor, RISTIP, Sharif University of Technology, Tehran, Iran,)

  • Sajad Rajabi

    (PhD Student, Department of Economics, Imam Sadiq (A.S) University, Tehran, Iran.)

Abstract

With the outbreak of the coronavirus in countries around the world, governments have decided to impose restrictions and social distancing. Closures of businesses, and hence changes in supply and demand patterns during this period, have deepened concerns among policy makers. In this article, we investigate the change in primary energy consumption in the 20 European countries that have the highest GDP. To this end, 10 different shock scenarios and its limitations are considered. By implementing these shocks into input-output modelling, changes in primary energy consumption are calculated. The results show that according to the best scenario (rapid and complete economy restoration), Russia with 3.5% and Italy with 2.88% will have the largest decrease, and according to the worst case scenario (explosive exacerbation of disease and complete quarantine), Spain with 14% and Italy with 13% will have the largest reduction in energy consumption. In addition, considering the total changes in primary energy consumption of these 20 countries, according to the best scenario, it will decrease by 1.81% and according to the worst-case scenario, it will decrease by 10.46%. We discuss about possibilities that energy consumption permanently declines.

Suggested Citation

  • Seyed Reza Mirnezami & Sajad Rajabi, 2021. "Changing Primary Energy Consumption Due to COVID-19: The Study 20 European Economies," International Journal of Energy Economics and Policy, Econjournals, vol. 11(1), pages 615-631.
    • Handle: RePEc:eco:journ2:2021-01-73
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    References listed on IDEAS

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    Cited by:

    1. Georgeta Soava & Anca Mehedintu, 2023. "Final Energy Consumption—Growth Nexus in Romania Versus the European Union: A Sectoral Approach Using Neural Network," Energies, MDPI, vol. 16(2), pages 1-34, January.
    2. Georgeta Soava & Anca Mehedintu & Mihaela Sterpu & Eugenia Grecu, 2021. "The Impact of the COVID-19 Pandemic on Electricity Consumption and Economic Growth in Romania," Energies, MDPI, vol. 14(9), pages 1-25, April.
    3. Tadeusz Kufel & Paweł Kufel & Marcin Błażejowski, 2022. "Do COVID-19 Lock-Downs Affect Business Cycle? Analysis Using Energy Consumption Cycle Clock for Selected European Countries," Energies, MDPI, vol. 15(1), pages 1-27, January.
    4. Marcin Malec & Grzegorz Kinelski & Marzena Czarnecka, 2021. "The Impact of COVID-19 on Electricity Demand Profiles: A Case Study of Selected Business Clients in Poland," Energies, MDPI, vol. 14(17), pages 1-17, August.

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    More about this item

    Keywords

    Coronavirus; Input-Output Modelling; Economy of Europe; Energy Economics;
    All these keywords.

    JEL classification:

    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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