Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/266725 
Year of Publication: 
2022
Version Description: 
Updated version from December 2022
Publisher: 
ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg
Abstract: 
Russia curbed its natural gas supply to Europe in 2021 and 2022, creating a grave energy crisis. This paper empirically estimates the crisis response of natural gas consumers in Germany—for decades the largest export market for Russian gas. Using a multiple regression model, we estimate the response of small consumers, industry, and power stations separately, controlling for the non-linear temperature-heating relationship, seasonality, and trends. For industrial consumers, we find a strong and sustained response, with reductions steadily increasing from 4% in September 2021 to 29% in October 2022. For small consumers, including households and small enterprises, we find reductions between 10% and 42% from March to October 2022. Gas savings in the power sector are more volatile and not only driven by reduced Russian gas supply. We discuss the drivers behind these consumption reductions and draw conclusions on their role in coping with the crisis.
Subjects: 
Energy demand
Energy crisis
Natural gas
Demand response
JEL: 
Q41
older Version: 
Document Type: 
Working Paper






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