Quantifying Bidirectional Connectedness: A Quantile Analysis of Electricity Price Fluctuations and Industrial Production Dynamics in Colombia
Resumen
This study explores the intricate relationship between electricity prices and industrial production, with a specific focus on scenarios within the mid-range and tail distribution. Recognizing the bidirectional impact between these variables, the analysis utilizes Colombian data, where 70% of electricity is hydroelectric and the rest is thermopower generated from fossil fuels. Climate-induced fluctuations affecting hydroelectric generation can influence electricity prices, subsequently impacting industrial production. The findings reveal that increased electricity prices adversely affect industrial production due to heightened production costs, while increased industrial production contributes to lower electricity prices, indicating a bidirectional impact. The study's implications suggest strategic planning opportunities, aligning production with electricity price fluctuations, and policy formulation to stimulate production for positive impacts on industrial production and overall economic growth.
Palabras clave
Artículos similares
-
Estudio comparativo entre la legislación de eficiencia energética de Colombia y España
Guillermo Mejía
-
Alternativa para minimizar el costo de la energía eléctrica en zonas francas de Colombia
Ruben Dario Cruz Rodríguez, Alexis Castillo Sauza
-
Energía del futuro: bioalcoholes a partir de Residuos Sólidos Urbanos (RSU)
José Alejandro Martínez, Nancy Montoya, María Sierra
-
Relación existente entre la calidad del servicio de energía eléctrica y la sostenibilidad económica en una electrificadora de Colombia (2018-2020)
Juan Carlos López Cardona, Daniel Osorio Barreto
-
Diagnóstico para la implementación de las herramientas Lean Manufacturing, desde la estrategia de operaciones en algunas empresas del sector textil confección de Colombia: reporte de caso
Henry Helí González Gaitán, Natalia Marulanda Grisales, Francisco Javier Echeverry Correa
-
Analítica aplicada al Plan Nacional de Desarrollo 2022-2026: “Colombia, potencia mundial de la vida”
Enrique Arrieta-Díaz, Rafael Maldonado-Agudelo, Amanda Vargas-Prieto
-
Factores impulsores de la propensión a innovar y la productividad en los sectores de servicios y la industria manufacturera en Colombia
Rafael García-Luna, Diego Andrés Cardoso-López
-
La política industrial en perspectiva
Florentino Malaver
-
El sub-sector de distribución de energía eléctrica en Colombia
Mauricio Martín Delvasto
-
Política cambiaria y comportamiento de la tasa de cambio en Colombia, 1967-2023
Carlos Felipe Gallardo Sánchez, Jimmy Alexander Pineda Muñoz, Wilson Javier Pineda Muñoz
Artículos más leídos del mismo autor/a
Autores/as
Referencias
Abbasi, K. R., Abbas, J. & Tufail, M. (2021). Revisiting electricity consumption, price, and real GDP: a modified sectoral level analysis from Pakistan. Energy Policy, 149. https://ideas.repec.org/a/eee/enepol/v149y2021ics0301421520307989.html
Abeberese, A. B. (2017). Electricity cost and firm performance: evidence from India. The Review of Economics and Statistics, 99(5), 839-852. https://doi.org/10.1162/REST_a_00641
Acheampong, A. O., Boateng, E., Amponsah, M. & Dzator, J. (2021). Revisiting the economic growth-energy consumption nexus: does globalization matter? Energy Economics, 102, 105472. https://doi.org/10.1016/j.eneco.2021.105472
Alemán de la Torre, L., Padilla Aguiar, D. & Piñero Rodríguez, N. A. (2021). Sistema de gestión logístico para procesos de servicios. Ingeniería Industrial, 42(2), 232-262. http://scielo.sld.cu/scielo.php?script=sci_arttext&pid=S1815-59362021000200232&lng=es&tlng=es
Allcott, H., Collard-Wexler, A. & O'Connell, S. D. (2016). How do electricity shortages affect industry? Evidence from India. American Economic Review, 106(3), 587-624. https:/doi.org/10.1257/aer.20140389
Arango-Aramburo, S., Turner, S. W. D., Daenzer, K., Ríos-Ocampo, J. P., Hejazi, M. I., Kober, T., Álvarez-Espinosa, A. C., Romero-Otalora, G. D. & Van der Zwaan, B. (2019). Climate impacts on hydropower in Colombia: a multi-model assessment of power sector adaptation pathways. Energy Policy, 128, 179-188. https://doi.org/10.1016/j.enpol.2018.12.057
Azam, A., Rafiq, M., Shafique, M. & Yuan, J. (2021). Renewable electricity generation and economic growth nexus in developing countries: an ARDL approach. Economic Research-Ekonomska Istraživanja, 34(1), 2423-2446. https://doi.org/10.1080/1331677X.2020.1865180
Bjerregaard, C. & Møller, N. F. (2022). The influence of electricity prices on saving electricity in production: Automated multivariate time-series analyses for 99 Danish trades and industries. Energy Economics, 107, 105444. https://doi.org/10.1016/j.eneco.2021.105444
Burke, P. J., Stern, D. I., & Bruns, S. B. (2019). The impact of electricity on economic development: a macroeconomic perspective. International Review of Environmental and Resource Economics 12(1), 85-127. https://doi.org/10.1561/101.00000101
Cardoso Marques, A., Fuinhas, J. A. & Roque Nunes, A. (2016). Electricity generation mix and economic growth: What role is being played by nuclear sources and carbon dioxide emissions in France? Energy Policy, 92, 7-19. https://doi.org/10.1016/j.enpol.2016.01.027
Chatziantoniou, I., Gabauer, D. & Stenfors, A. (2021). Interest rate swaps and the transmission mechanism of monetary policy: a quantile connectedness approach. Economics Letters, 204, 109891. https://doi.org/10.1016/j.econlet.2021.109891
Chevez, P. J. (2018). Construcción de escenarios urbano-energéticos a partir de la implementación de estrategias de eficiencia energética y energías renovables en el sector residencial.
Dechezleprêtre, A. & Sato, M. (2017). The impacts of environmental regulations on competitiveness. Review of economics and environmental policy. 11 (2), 183-206. https://doi.org/10.1093/reep/rex013
Dhoska, K., Bebi, E., Markja, I., Milo, P., Sita, E. & Qosja, S. (2024). Modelling the wind potential energy for metallurgical sector in Albania. Scientific Reports, 14(1), 1302. https://doi.org/10.1038/s41598-024-51841-x
Diebold, F. X. & Yilmaz, K. (2012). Better to give than to receive: predictive directional measurement of volatility spillovers. International Journal of forecasting, 28(1), 57-66. https://doi.org/10.1016/j.ijforecast.2011.02.006
Durán Acosta, M. G., & Zolano Sánchez, M. L., (2019). La importancia de la planeación de costo de producción y su efecto en la fijación de precios de productos. Revista de Investigación Académica Sin Frontera, 31 (12), 1-28. https://doi.org/10.46589/rdiasf.v0i31.272
Hamududu, B. & Killingtveit, A. (2012). Assessing Climate Change Impacts on Global Hydropower. Energies, 5(2), 305-322. https://doi.org/10.3390/en5020305
Hoseinzadeh, S. & Heyns, P. (2021). Advanced energy, exergy, and environmental (3E) analyses and optimization of a coal-fired 400 MW thermal power plant. Journal of Energy Resources Technology, 143(8), 082106. https://doi.org/10.1115/1.4048982
Huynh, T. L., Nasir, M. A. & Nguyen, D. K. (2023). Spillovers and connectedness in foreign exchange markets: The role of trade policy uncertainty. The Quarterly Review of Economics and Finance, 87, 191-199. https://doi.org/10.1016/j.qref.2020.09.001
Irfan, M., Zhao, Z. Y., Panjwani, M. K., Mangi, F. H., Li, H., Jan, A., Ahmad, M., & Rehman, A. (2020). Assessing the energy dynamics of Pakistan: prospects of biomass energy. Energy Reports, 6, 80-93. https://doi.org/10.1016/j.egyr.2019.11.161
Jamil, F. & Ahmad, E. (2010). The relationship between electricity consumption, electricity prices and GDP in Pakistan. Energy Policy, 38(10), 6016-6025. https://doi.org/10.1016/j.enpol.2010.05.057
Jo, S., Karnizova, L. & Reza, A. (2019). Industry effects of oil price shocks: a re-examination. Energy Economics, 82, 179-190. https://doi.org/10.1016/j.eneco.2018.12.010
Kassem, D. (2024). Does electrification cause industrial development? Grid expansion and firm turnover in Indonesia. Journal of Development Economics, 167, 103234. https://doi.org/10.1016/j.jdeveco.2023.103234
Magazzino, C. (2015). Economic growth, CO2 emissions and energy use in Israel. International Journal of Sustainable Development & World Ecology, 22(1), 89-97. https://doi.org/10.1080/13504509.2014.991365
Pesaran, H. H., & Shin, Y. (1998). Generalized impulse response analysis in linear multivariate models. Economics Letters, 58(1), 17-29. https://doi.org/10.1016/S0165-1765(97)00214-0
Poveda, G., Álvarez, D. M. & Rueda, O. A. (2011). Hydro-climatic variability over the Andes of Colombia associated with ENSO: a review of climatic processes and their impact on one of the Earth’s most important biodiversity hotspots. Climate Dynamics, 36(11), 2233-2249. https://doi.org/10.1007/s00382-010-0931-y
Qadan, M. & Nama, H. (2018). Investor sentiment and the price of oil. Energy Economics, 69, 42-58. https://doi.org/10.1016/j.eneco.2017.10.035
Restrepo-Trujillo, J., Moreno-Chuquen, R., Jiménez-García, F. N., Flores, W. C., & Chamorro, H. R. (2022). Scenario Analysis of an Electric Power System in Colombia Considering the El Niño Phenomenon and the Inclusion of Renewable Energies. Energies, 15(18), 6690. https://doi.org/10.3390/en15186690
Shahbaz, M., Sarwar, S., Chen, W. & Malik, M. N. (2017). Dynamics of electricity consumption, oil price and economic growth: global perspective. Energy Policy, 108, 256-270. https://doi.org/10.1016/j.enpol.2017.06.006
Sims, C. A. (1980). Macroeconomics and reality. Econometrica: Journal of the Econometric Society, 1-48. https://doi.org/10.2307/1912017
Sun, S. & Anwar, S. (2015). Electricity consumption, industrial production, and entrepreneurship in Singapore. Energy Policy, 77, 70-78. https://doi.org/10.1016/j.enpol.2014.11.036
Tang, C. F., Tan, B. W. & Ozturk, I. (2016). Energy consumption and economic growth in Vietnam. Renewable and Sustainable Energy Reviews, 54, 1506-1514. https://doi.org/10.1016/j.rser.2015.10.083
Tiba, S. & Omri, A. (2017). Literature survey on the relationships between energy, environment and economic growth. Renewable and sustainable energy reviews, 69, 1129-1146. https://doi.org/10.1016/j.rser.2016.09.113
Tsao, Y. C., Vu, T. L. & Lu, J. C. (2021). Pricing, capacity and financing policies for investment of renewable energy generations. Applied Energy, 303, 117664. https://doi.org/10.1016/j.apenergy.2021.117664
Turner, S. W., Ng, J. Y. & Galelli, S. (2017). Examining global electricity supply vulnerability to climate change using a high-fidelity hydropower dam model. Science of the Total Environment, 590-591, 663-675. https://doi.org/10.1016/j.scitotenv.2017.03.022
Xie, L. & Huang, Z. (2025). Electricity price cross-subsidies and enterprises’ green total factor productivity: Empirical evidence from Chinese industrial listed enterprises. Journal of Asian Economics, 96, 101848. https://doi.org/10.1016/j.asieco.2024.101848
Yu, Z., Liu, W., Chen, L., Eti, S., Dinçer, H. & Yüksel, S. (2019). The effects of electricity production on industrial development and sustainable economic growth: A VAR analysis for BRICS countries. Sustainability, 11(21), 5895. https://doi.org/10.3390/su11215895