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Economics

American River College

Description

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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Explanation & Answer

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Outline
Introduction
The global prevalence of the COVID-19 pandemic greatly affected humanity, businesses,
schools, and whole societies worldwide. To regulate the spread of the disease, governments
introduced measures such as strict lockdowns, social distancing, limited travel, and limited
workplace capacity (IEA). These alterations forced societies to interrupt their standard life patterns
and, as a result, directly influenced how, when, and where electricity was supplied and demanded
Thesis
This paper will explore whether the demand and supply for electricity was low during
March 2020 when the pandemic broke out and whether the quantity demanded went hand in hand
with the amount supplied(U.S. Bureau of Labor Statistics). It will also look into the future by
comparing the supply and demand curve between March 2020 and March 2024, other factors that
may influence demand and supply, and explain whether it is fair to electric utility companies to
increase their prices.
Paragraph One
1. In March 2020, the electricity demand was high in homes and low in schools,
businesses, and workspaces.
2. In connection with this, the electricity supply shifts varied greatly in the home areas
compared to the corporate worlds and industries.
3. A higher supply of electricity was needed in the homes for more use.

4. In contrast, a low supply of the same was required for the factories since most of
them remained closed ...


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