The structure of residential energy demand in Greece

This paper attempts to shed light on the determinants of residential energy demand in Greece, and to compare it with some other OECD countries. From the estimates of the short-run and long-run elasticities of energy demand for the period 1965–1999, we find that residential energy demand appears to be price inelastic. Also, we do not find evidence of a structural change probably because of the low efficiency of the energy sector. We find, however, that the magnitude of the income elasticity varies substantially between Greece and other OECD countries.