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journal article·2021-09-22Open access

The Impact of COVID-19 on Electricity Prices in Italy, the Czech Republic, and China

Safwan Ghanem, Ghaeth Fandi, Vladimír Krepl, Tarek Husein, Osama Rzek, Zdenek Muller, Jan Kyncl, Josef Tlustý, Luboš Smutka

Applied Sciences· Volume 11· Issue 19
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Abstract

COVID-19 is likely to be the 2020s’ deadliest pandemic according to the World Health Organization (WHO). There have been more than 3.7 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.
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Research context

OpenAlex topics: COVID-19 impact on air quality · Energy Load and Power Forecasting · COVID-19 Pandemic Impacts

SciVX discovery tags are terminology-based. OpenAlex topics are source-provided classifications.

Affiliations

Department of Electrical Power Engineering, Faculty of Electrical Engineering, Czech Technical University in Prague, Technická 2, Prague 6, 166 27 Prague, Czech Republic

Centre 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 Republic

Department of Trade and Finance, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 961/129, Prague 6, 165 00 Prague, Czech Republic

Department of Economics, Faculty of Economics and Management, Czech University of Life Sciences Prague, Kamýcká 961/129, Prague 6, 165 00 Prague, Czech Republic

Department of Sustainable Technologies, Faculty of Tropical AgriSciences, Czech University of Life Sciences Prague, Kamýcká 961/129, Prague 6, 165 00 Prague, Czech Republic

Department of Health Care Disciplines and Population Protection, Faculty of Biomedical Engineering, Czech Technical University in Prague, Sportovců 2311, 272 01 Kladno, Czech Republic

Funding

the Internal Grant Agency of the Faculty of Tropical AgriSciences, Czech 171 University of Life Sciences Prague · Grant Agency of the Czech 172 Technical University in Prague

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