discussion
Think about supply and demand for electricity (for example, as measured in the Consumer Price IndexLinks to an external site.) in the context of the COVID-19 pandemic and its recovery in the United States.
- When shutdowns resulted in business and school closures and more time spent at home, let’s say around March 2020, do you think demand for electricity was high or low? What about supply? At the time, was quantity demanded keeping up with quantity supplied? Or do you believe there was a surplus?
- And what do you think about our current situation in March 2024? Pandemic shutdowns are a thing of the past. But at the same time, many large commercial office buildings that were formerly full of workers on a daily basis are now seeing much less use as industries like banking, education, and civil service maintain full or partial work-from-home arrangements. With that in mind, do you think supply and demand for electricity have changed? Are there any other factors besides the end of shutdowns/the rise of working from home that you think are currently influencing electricity demand and supply? Briefly explain your thoughts.
Beginning in late 2020, and largely continuing since, U.S. consumer prices for electricity rose substantially (SOURCE: US BLS, via FREDLinks to an external site.). Do you think increasing prices is a “fair” thing for electric utility companies to do? Why or why not?
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