The Impact of COVID-19 on Electricity Prices in Italy, the Czech Republic, and China
COVID-19 is likely to be the 2020s’ deadliest pandemic according to the World Health Organization (WHO). There have been more than <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mn>3.7</mn>&l...
| Main Authors: | , , , , , , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2021-09-01
|
| Series: | Applied Sciences |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2076-3417/11/19/8793 |
| _version_ | 1797516870392217600 |
|---|---|
| author | Safwan Ghanem Ghaeth Fandi Vladimír Krepl Tarek Husein Osama Rzek Zdenek Muller Jan Kyncl Josef Tlustý Luboš Smutka |
| author_facet | Safwan Ghanem Ghaeth Fandi Vladimír Krepl Tarek Husein Osama Rzek Zdenek Muller Jan Kyncl Josef Tlustý Luboš Smutka |
| author_sort | Safwan Ghanem |
| collection | DOAJ |
| description | COVID-19 is likely to be the 2020s’ deadliest pandemic according to the World Health Organization (WHO). There have been more than <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mn>3.7</mn></mrow></semantics></math></inline-formula> million confirmed deaths after 15 months spread. Besides the loss of human lives, COVID-19 has other unfavorable impacts on society, education, and the economy. Due to successive lockdowns and the continuous quarantines, the demands on power resources have reduced. Therefore, there is a need to investigate the impacts of the COVID-19 pandemic on electricity prices (EP). In this paper, a set of six economic factors that are affected by COVID-19 and affect EP are considered. These factors were fed into a functional link artificial neural network (FLANN) to model the relationships between them and the EP. An empirical equation was formulated to help decision makers and strategic developers in the electricity markets come up with more appropriate plans. Italy, the Czech Republic, and China were used as case studies in this research. |
| first_indexed | 2024-03-10T07:07:53Z |
| format | Article |
| id | doaj.art-9cea866e9cd74763978629c420a69671 |
| institution | Directory Open Access Journal |
| issn | 2076-3417 |
| language | English |
| last_indexed | 2024-03-10T07:07:53Z |
| publishDate | 2021-09-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Applied Sciences |
| spelling | doaj.art-9cea866e9cd74763978629c420a696712023-11-22T15:43:04ZengMDPI AGApplied Sciences2076-34172021-09-011119879310.3390/app11198793The Impact of COVID-19 on Electricity Prices in Italy, the Czech Republic, and ChinaSafwan Ghanem0Ghaeth Fandi1Vladimír Krepl2Tarek Husein3Osama Rzek4Zdenek Muller5Jan Kyncl6Josef Tlustý7Luboš Smutka8Department of Electrical Power Engineering, Faculty of Electrical Engineering, Czech Technical University in Prague, Technická 2, Prague 6, 166 27 Prague, Czech RepublicDepartment of Electrical Power Engineering, Faculty of Electrical Engineering, Czech Technical University in Prague, Technická 2, Prague 6, 166 27 Prague, Czech RepublicCentre of International Rural Development Studies (CIRDS), Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 961/129, Prague 6, 165 00 Prague, Czech RepublicCentre of International Rural Development Studies (CIRDS), Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 961/129, Prague 6, 165 00 Prague, Czech RepublicCentre of International Rural Development Studies (CIRDS), Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 961/129, Prague 6, 165 00 Prague, Czech RepublicDepartment of Electrical Power Engineering, Faculty of Electrical Engineering, Czech Technical University in Prague, Technická 2, Prague 6, 166 27 Prague, Czech RepublicDepartment of Electrical Power Engineering, Faculty of Electrical Engineering, Czech Technical University in Prague, Technická 2, Prague 6, 166 27 Prague, Czech RepublicDepartment of Electrical Power Engineering, Faculty of Electrical Engineering, Czech Technical University in Prague, Technická 2, Prague 6, 166 27 Prague, Czech RepublicCentre of International Rural Development Studies (CIRDS), Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 961/129, Prague 6, 165 00 Prague, Czech RepublicCOVID-19 is likely to be the 2020s’ deadliest pandemic according to the World Health Organization (WHO). There have been more than <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><mn>3.7</mn></mrow></semantics></math></inline-formula> million confirmed deaths after 15 months spread. Besides the loss of human lives, COVID-19 has other unfavorable impacts on society, education, and the economy. Due to successive lockdowns and the continuous quarantines, the demands on power resources have reduced. Therefore, there is a need to investigate the impacts of the COVID-19 pandemic on electricity prices (EP). In this paper, a set of six economic factors that are affected by COVID-19 and affect EP are considered. These factors were fed into a functional link artificial neural network (FLANN) to model the relationships between them and the EP. An empirical equation was formulated to help decision makers and strategic developers in the electricity markets come up with more appropriate plans. Italy, the Czech Republic, and China were used as case studies in this research.https://www.mdpi.com/2076-3417/11/19/8793electricity pricesGDPPMICPICOVID-19unemployment rate |
| spellingShingle | Safwan Ghanem Ghaeth Fandi Vladimír Krepl Tarek Husein Osama Rzek Zdenek Muller Jan Kyncl Josef Tlustý Luboš Smutka The Impact of COVID-19 on Electricity Prices in Italy, the Czech Republic, and China Applied Sciences electricity prices GDP PMI CPI COVID-19 unemployment rate |
| title | The Impact of COVID-19 on Electricity Prices in Italy, the Czech Republic, and China |
| title_full | The Impact of COVID-19 on Electricity Prices in Italy, the Czech Republic, and China |
| title_fullStr | The Impact of COVID-19 on Electricity Prices in Italy, the Czech Republic, and China |
| title_full_unstemmed | The Impact of COVID-19 on Electricity Prices in Italy, the Czech Republic, and China |
| title_short | The Impact of COVID-19 on Electricity Prices in Italy, the Czech Republic, and China |
| title_sort | impact of covid 19 on electricity prices in italy the czech republic and china |
| topic | electricity prices GDP PMI CPI COVID-19 unemployment rate |
| url | https://www.mdpi.com/2076-3417/11/19/8793 |
| work_keys_str_mv | AT safwanghanem theimpactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT ghaethfandi theimpactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT vladimirkrepl theimpactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT tarekhusein theimpactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT osamarzek theimpactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT zdenekmuller theimpactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT jankyncl theimpactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT joseftlusty theimpactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT lubossmutka theimpactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT safwanghanem impactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT ghaethfandi impactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT vladimirkrepl impactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT tarekhusein impactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT osamarzek impactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT zdenekmuller impactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT jankyncl impactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT joseftlusty impactofcovid19onelectricitypricesinitalytheczechrepublicandchina AT lubossmutka impactofcovid19onelectricitypricesinitalytheczechrepublicandchina |