Table 6: log wholesale electricity consumption, business days, hours 11-15 (FE, RE, FEIV, and REIV)
Baseline: year 2016 and each hour for December.
| (1) FE | (2) RE | (3) FEIV | (4) REIV | |
| b/se | b/se | b/se | b/se | |
| log spot price | -0.0096*** (0.0028) | -0.0096 (.) | -0.0484*** (0.0163) | -0.0484*** (0.0163) |
| log wholesale meters | 0.1318*** (0.0402) | 0.1566 (.) | 0.1327*** (0.0401) | 0.1578*** (0.0375) |
| Temperature | -0.0022*** (0.0005) | -0.0022 (.) | -0.0036*** (0.0008) | -0.0036*** (0.0008) |
| Temperature squared | 0.0001*** (0.0000) | 0.0001 (.) | 0.0002*** (0.0000) | 0.0002*** (0.0000) |
| Time trend | 0.0000 (0.1238) | 0.0000 (.) | -0.0759*** (0.0067) | -0.0760*** (0.0067) |
| year=2016 | 0.0000 (.) | 0.0000 (.) | 0.0000 (.) | 0.0000 (.) |
| year=2017 | -0.0017 (49.8077) | -0.0029 (.) | 27.6456*** (2.4193) | 27.6657*** (2.4211) |
| year=2018 | 0.0023 (49.5973) | 0.0000 (.) | 55.3059*** (4.8392) | 55.3462*** (4.8430) |
| week=1 | 0.0000 (.) | 0.0000 (.) | 0.0000 (.) | 0.0000 (.) |
| week=2 | 0.0073 (0.9694) | 0.0073 (.) | 0.5690*** (0.0479) | 0.5694*** (0.0479) |
| week=3 | 0.0027 (1.6173) | 0.0027 (.) | 1.0892*** (0.0944) | 1.0900*** (0.0945) |
| week=4 | 0.0070 (.) | 0.0070 (.) | 1.6161*** (0.1412) | 1.6173*** (0.1413) |
| week=5 | 0.0062 (2.9700) | 0.0061 (.) | 2.1483*** (0.1875) | 2.1499*** (0.1877) |
| week=6 | -0.0085 (.) | -0.0086 (.) | 2.6759*** (0.2336) | 2.6778*** (0.2338) |
| week=7 | -0.0718 (4.5864) | -0.0719 (.) | 3.1347*** (0.2791) | 3.1370*** (0.2793) |
| week=8 | -0.0499 (2.8443) | -0.0500 (.) | 3.6915*** (0.3285) | 3.6942*** (0.3287) |
| week=9 | -0.0265 (7.5270) | -0.0267 (.) | 4.2385*** (0.3756) | 4.2416*** (0.3759) |
| week=10 | -0.0359 (13.1026) | -0.0361 (.) | 4.7723*** (0.4215) | 4.7758*** (0.4218) |
| week=11 | -0.0383 (2.1469) | -0.0385 (.) | 5.2947*** (0.4691) | 5.2985*** (0.4695) |
| week=12 | -0.0813 (8.7822) | -0.0815 (.) | 5.7868*** (0.5142) | 5.7910*** (0.5146) |
| week=13 | -0.0853 (14.6169) | -0.0855 (.) | 6.3146*** (0.5596) | 6.3193*** (0.5600) |
| week=14 | -0.0622 (12.7134) | -0.0624 (.) | 6.8889*** (0.6012) | 6.8940*** (0.6017) |
| week=15 | -0.0780 (16.7852) | -0.0781 (.) | 7.4123*** (0.6463) | 7.4179*** (0.6467) |
| week=16 | -0.0645 (16.7653) | -0.0647 (.) | 7.9494*** (0.6952) | 7.9553*** (0.6957) |
| week=17 | -0.0633 (7.4325) | -0.0635 (.) | 8.4813*** (0.7412) | 8.4876*** (0.7417) |
| week=18 | -0.1379 (6.9010) | -0.1382 (.) | 8.8426*** (0.7858) | 8.8493*** (0.7864) |
| week=19 | -0.1234 (9.2635) | -0.1236 (.) | 9.4145*** (0.8305) | 9.4216*** (0.8311) |
| week=20 | -0.1158 (13.1790) | -0.1161 (.) | 9.9487*** (0.8765) | 9.9562*** (0.8772) |
| week=21 | -0.1136 (5.7119) | -0.1138 (.) | 10.4826*** (0.9234) | 10.4905*** (0.9241) |
| week=22 | -0.1027 (29.0768) | -0.1030 (.) | 11.0256*** (0.9697) | 11.0339*** (0.9704) |
| week=23 | -0.1132 (.) | -0.1135 (.) | 11.5568*** (1.0150) | 11.5655*** (1.0158) |
| week=24 | -0.1105 (22.1704) | -0.1107 (.) | 12.0943*** (1.0617) | 12.1035*** (1.0625) |
| week=25 | -0.1073 (21.0364) | -0.1075 (.) | 12.6278*** (1.1080) | 12.6373*** (1.1089) |
| week=26 | -0.1256 (12.5221) | -0.1259 (.) | 13.1466*** (1.1539) | 13.1565*** (1.1547) |
| week=27 | -0.1426 (23.0270) | -0.1429 (.) | 13.6505*** (1.2010) | 13.6608*** (1.2019) |
| week=28 | -0.1862 (18.5865) | -0.1865 (.) | 14.1602*** (1.2404) | 14.1709*** (1.2413) |
| week=29 | -0.3691 (19.4207) | -0.3694 (.) | 14.5068*** (1.2708) | 14.5179*** (1.2718) |
| week=30 | -0.3776 (28.9475) | -0.3779 (.) | 15.0304*** (1.3158) | 15.0420*** (1.3168) |
| week=31 | -0.2898 (30.2368) | -0.2901 (.) | 15.6450*** (1.3674) | 15.6569*** (1.3684) |
| week=32 | -0.1547 (38.6649) | -0.1549 (.) | 16.3235*** (1.4238) | 16.3358*** (1.4248) |
| week=33 | -0.1310 (10.9320) | -0.1313 (.) | 16.8850*** (1.4719) | 16.8977*** (1.4730) |
| week=34 | -0.1225 (32.0366) | -0.1228 (.) | 17.4285*** (1.5172) | 17.4417*** (1.5184) |
| week=35 | -0.1210 (33.0131) | -0.1213 (.) | 17.9609*** (1.5637) | 17.9745*** (1.5649) |
| week=36 | -0.1206 (.) | -0.1209 (.) | 18.4996*** (1.6095) | 18.5136*** (1.6107) |
| week=37 | -0.1111 (16.4559) | -0.1114 (.) | 19.0442*** (1.6547) | 19.0586*** (1.6559) |
| week=38 | -0.1165 (28.3880) | -0.1168 (.) | 19.5761*** (1.7008) | 19.5909*** (1.7021) |
| week=39 | -0.1127 (39.6183) | -0.1130 (.) | 20.1045*** (1.7469) | 20.1197*** (1.7482) |
| week=40 | -0.0506 (.) | -0.1242 (.) | 20.6684*** (1.8166) | 20.6834*** (1.8181) |
| week=41 | -0.0569 (41.8978) | -0.1304 (.) | 21.2086*** (1.8636) | 21.2240*** (1.8651) |
| week=42 | -0.1141 (.) | -0.1877 (.) | 21.6884*** (1.9062) | 21.7042*** (1.9077) |
| week=43 | -0.0440 (45.6776) | -0.1175 (.) | 22.2858*** (1.9557) | 22.3020*** (1.9573) |
| week=44 | -0.0510 (.) | -0.1246 (.) | 22.8072*** (2.0037) | 22.8239*** (2.0052) |
| week=45 | -0.0295 (48.4248) | -0.1030 (.) | 23.3714*** (2.0484) | 23.3884*** (2.0501) |
| week=46 | -0.0175 (15.1157) | -0.0910 (.) | 23.9218*** (2.0952) | 23.9393*** (2.0969) |
| week=47 | -0.0136 (3.2318) | -0.0871 (.) | 24.4597*** (2.1411) | 24.4776*** (2.1428) |
| week=48 | -0.0025 (33.5894) | -0.0761 (.) | 25.0011*** (2.1880) | 25.0194*** (2.1897) |
| week=49 | 0.0094 (47.5706) | -0.0640 (.) | 25.5477*** (2.2346) | 25.5664*** (2.2363) |
| week=50 | 0.0010 (48.3203) | -0.0725 (.) | 26.0810*** (2.2806) | 26.1002*** (2.2824) |
| week=51 | -0.0526 (41.8823) | -0.1261 (.) | 26.5615*** (2.3234) | 26.5810*** (2.3252) |
| hour=11 # day_bd=1 | 0.0000 (.) | 0.0522 (.) | 0.0000 (.) | 0.0000 (.) |
| hour=11 # day_bd=2 | 0.0083 (0.1875) | 0.0605 (.) | 0.0849*** (0.0071) | 0.0849*** (0.0071) |
| hour=11 # day_bd=3 | 0.0098 (0.4096) | 0.0619 (.) | 0.1609*** (0.0138) | 0.1610*** (0.0138) |
| hour=11 # day_bd=4 | 0.0056 (.) | 0.0577 (.) | 0.2322*** (0.0200) | 0.2324*** (0.0200) |
| hour=11 # day_bd=5 | -0.0390 (.) | 0.0132 (.) | 0.2657*** (0.0243) | 0.2659*** (0.0243) |
| hour=12 # day_bd=1 | -0.0325*** (0.0036) | 0.0197 (.) | -0.0337*** (0.0036) | -0.0338*** (0.0036) |
| hour=12 # day_bd=2 | -0.0229 (0.0309) | 0.0293 (.) | 0.0533*** (0.0051) | 0.0533*** (0.0051) |
| hour=12 # day_bd=3 | -0.0230 (.) | 0.0292 (.) | 0.1271*** (0.0113) | 0.1271*** (0.0113) |
| hour=12 # day_bd=4 | -0.0286 (0.5485) | 0.0235 (.) | 0.1972*** (0.0176) | 0.1973*** (0.0176) |
| hour=12 # day_bd=5 | -0.1017 (0.1694) | -0.0495 (.) | 0.2021*** (0.0198) | 0.2022*** (0.0198) |
| hour=13 # day_bd=1 | -0.0182*** (0.0024) | 0.0340 (.) | -0.0188*** (0.0024) | -0.0189*** (0.0024) |
| hour=13 # day_bd=2 | -0.0098 (0.1427) | 0.0424 (.) | 0.0660*** (0.0072) | 0.0659*** (0.0072) |
| hour=13 # day_bd=3 | -0.0113 (0.2720) | 0.0409 (.) | 0.1382*** (0.0134) | 0.1382*** (0.0134) |
| hour=13 # day_bd=4 | -0.0184 (0.4549) | 0.0338 (.) | 0.2065*** (0.0197) | 0.2066*** (0.0197) |
| hour=13 # day_bd=5 | -0.1482 (0.6498) | -0.0960 (.) | 0.1545*** (0.0182) | 0.1546*** (0.0182) |
| hour=14 # day_bd=1 | -0.0512*** (0.0047) | 0.0010 (.) | -0.0516*** (0.0047) | -0.0517*** (0.0047) |
| hour=14 # day_bd=2 | -0.0426 (0.0555) | 0.0095 (.) | 0.0328*** (0.0067) | 0.0328*** (0.0067) |
| hour=14 # day_bd=3 | -0.0475 (0.3129) | 0.0046 (.) | 0.1016*** (0.0125) | 0.1016*** (0.0125) |
| hour=14 # day_bd=4 | -0.0554 (0.6528) | -0.0032 (.) | 0.1695*** (0.0186) | 0.1695*** (0.0186) |
| hour=14 # day_bd=5 | -0.2356 (0.2471) | -0.1835 (.) | 0.0658*** (0.0093) | 0.0660*** (0.0093) |
| hour=15 # day_bd=1 | -0.1246*** (0.0109) | -0.0724 (.) | -0.1238*** (0.0109) | -0.1240*** (0.0110) |
| hour=15 # day_bd=2 | -0.1133 (0.1181) | -0.0611 (.) | -0.0372*** (0.0073) | -0.0374*** (0.0073) |
| hour=15 # day_bd=3 | -0.1198 (.) | -0.0676 (.) | 0.0316*** (0.0080) | 0.0315*** (0.0079) |
| hour=15 # day_bd=4 | -0.1263 (.) | -0.0741 (.) | 0.0993*** (0.0123) | 0.0993*** (0.0123) |
| hour=15 # day_bd=5 | -0.3020 (0.6677) | -0.2498 (.) | 0.0000 (.) | 0.0000 (.) |
| hour=11 # month=1 | 0.0000 (.) | -0.0725 (.) | 0.0000 (.) | 0.0000 (.) |
| hour=11 # month=2 | 0.0051 (0.0109) | -0.0673 (.) | 0.0035 (0.0108) | 0.0036 (0.0108) |
| hour=11 # month=3 | 0.0102 (0.0117) | -0.0622 (.) | 0.0100 (0.0117) | 0.0101 (0.0117) |
| hour=11 # month=4 | -0.0005 (0.0160) | -0.0731 (.) | -0.0199 (0.0180) | -0.0200 (0.0180) |
| hour=11 # month=5 | 0.0523* (0.0269) | -0.0203 (.) | 0.1161*** (0.0372) | 0.1160*** (0.0372) |
| hour=11 # month=6 | 0.0468 (0.0293) | -0.0259 (.) | 0.0977*** (0.0366) | 0.0975*** (0.0366) |
| hour=11 # month=7 | 0.0243 (0.0327) | -0.0485 (.) | 0.0609* (0.0363) | 0.0607* (0.0363) |
| hour=11 # month=8 | 0.0663 (0.0415) | -0.0066 (.) | 0.0962** (0.0434) | 0.0958** (0.0434) |
| hour=11 # month=9 | 0.0719 (0.0436) | -0.0011 (.) | 0.0816* (0.0438) | 0.0811* (0.0437) |
| hour=11 # month=10 | 0.0220** (0.0109) | 0.0223 (.) | 0.0521*** (0.0154) | 0.0524*** (0.0154) |
| hour=11 # month=11 | 0.0125 (0.0101) | 0.0127 (.) | 0.0276** (0.0117) | 0.0277** (0.0117) |
| hour=12 # month=1 | -0.0030 (0.0020) | -0.0755 (.) | -0.0032 (0.0020) | -0.0031 (0.0020) |
| hour=12 # month=2 | 0.0049 (0.0111) | -0.0675 (.) | 0.0033 (0.0109) | 0.0035 (0.0109) |
| hour=12 # month=3 | 0.0094 (0.0115) | -0.0629 (.) | 0.0090 (0.0114) | 0.0092 (0.0114) |
| hour=12 # month=4 | -0.0022 (0.0155) | -0.0748 (.) | -0.0238 (0.0180) | -0.0238 (0.0181) |
| hour=12 # month=5 | 0.0527* (0.0264) | -0.0199 (.) | 0.1140*** (0.0357) | 0.1140*** (0.0357) |
| hour=12 # month=6 | 0.0489 (0.0293) | -0.0238 (.) | 0.0981*** (0.0362) | 0.0981*** (0.0362) |
| hour=12 # month=7 | 0.0337 (0.0329) | -0.0391 (.) | 0.0692* (0.0361) | 0.0690* (0.0361) |
| hour=12 # month=8 | 0.0708* (0.0414) | -0.0021 (.) | 0.1000** (0.0431) | 0.0998** (0.0431) |
| hour=12 # month=9 | 0.0724 (0.0433) | -0.0005 (.) | 0.0804* (0.0434) | 0.0800* (0.0433) |
| hour=12 # month=10 | 0.0279** (0.0112) | 0.0282 (.) | 0.0569*** (0.0164) | 0.0572*** (0.0163) |
| hour=12 # month=11 | 0.0113 (0.0100) | 0.0114 (.) | 0.0261** (0.0110) | 0.0263** (0.0110) |
| hour=13 # month=1 | -0.0057* (0.0033) | -0.0781 (.) | -0.0059* (0.0033) | -0.0058* (0.0033) |
| hour=13 # month=2 | 0.0061 (0.0108) | -0.0663 (.) | 0.0041 (0.0107) | 0.0043 (0.0107) |
| hour=13 # month=3 | 0.0098 (0.0116) | -0.0626 (.) | 0.0092 (0.0115) | 0.0094 (0.0115) |
| hour=13 # month=4 | -0.0013 (0.0151) | -0.0739 (.) | -0.0222 (0.0176) | -0.0222 (0.0176) |
| hour=13 # month=5 | 0.0539** (0.0265) | -0.0187 (.) | 0.1129*** (0.0349) | 0.1129*** (0.0349) |
| hour=13 # month=6 | 0.0549* (0.0297) | -0.0178 (.) | 0.1031*** (0.0364) | 0.1030*** (0.0364) |
| hour=13 # month=7 | 0.0337 (0.0318) | -0.0391 (.) | 0.0685** (0.0349) | 0.0683* (0.0349) |
| hour=13 # month=8 | 0.0751* (0.0413) | 0.0022 (.) | 0.1036** (0.0430) | 0.1033** (0.0429) |
| hour=13 # month=9 | 0.0744* (0.0430) | 0.0014 (.) | 0.0811* (0.0430) | 0.0807* (0.0430) |
| hour=13 # month=10 | 0.0284** (0.0117) | 0.0288 (.) | 0.0572*** (0.0162) | 0.0576*** (0.0162) |
| hour=13 # month=11 | 0.0151 (0.0106) | 0.0153 (.) | 0.0307*** (0.0118) | 0.0309*** (0.0118) |
| hour=14 # month=1 | -0.0070** (0.0033) | -0.0794 (.) | -0.0077** (0.0035) | -0.0076** (0.0035) |
| hour=14 # month=2 | 0.0055 (0.0108) | -0.0669 (.) | 0.0034 (0.0105) | 0.0036 (0.0105) |
| hour=14 # month=3 | 0.0056 (0.0121) | -0.0667 (.) | 0.0047 (0.0120) | 0.0049 (0.0120) |
| hour=14 # month=4 | -0.0052 (0.0165) | -0.0778 (.) | -0.0266 (0.0184) | -0.0266 (0.0184) |
| hour=14 # month=5 | 0.0497* (0.0273) | -0.0230 (.) | 0.1077*** (0.0352) | 0.1077*** (0.0352) |
| hour=14 # month=6 | 0.0531* (0.0304) | -0.0196 (.) | 0.0994*** (0.0364) | 0.0993*** (0.0364) |
| hour=14 # month=7 | 0.0412 (0.0326) | -0.0316 (.) | 0.0750** (0.0355) | 0.0748** (0.0355) |
| hour=14 # month=8 | 0.0755* (0.0420) | 0.0026 (.) | 0.1033** (0.0435) | 0.1031** (0.0435) |
| hour=14 # month=9 | 0.0730 (0.0444) | 0.0000 (.) | 0.0790* (0.0444) | 0.0787* (0.0444) |
| hour=14 # month=10 | 0.0284** (0.0117) | 0.0287 (.) | 0.0569*** (0.0170) | 0.0572*** (0.0170) |
| hour=14 # month=11 | 0.0178* (0.0104) | 0.0180 (.) | 0.0339*** (0.0125) | 0.0341*** (0.0124) |
| hour=15 # month=1 | -0.0125** (0.0049) | -0.0849 (.) | -0.0139*** (0.0051) | -0.0137*** (0.0051) |
| hour=15 # month=2 | -0.0052 (0.0107) | -0.0776 (.) | -0.0082 (0.0105) | -0.0080 (0.0105) |
| hour=15 # month=3 | -0.0031 (0.0129) | -0.0754 (.) | -0.0049 (0.0127) | -0.0046 (0.0127) |
| hour=15 # month=4 | -0.0187 (0.0177) | -0.0913 (.) | -0.0408** (0.0200) | -0.0408** (0.0200) |
| hour=15 # month=5 | 0.0395 (0.0283) | -0.0331 (.) | 0.0956*** (0.0354) | 0.0957*** (0.0354) |
| hour=15 # month=6 | 0.0467 (0.0314) | -0.0260 (.) | 0.0911** (0.0366) | 0.0911** (0.0366) |
| hour=15 # month=7 | 0.0523 (0.0345) | -0.0205 (.) | 0.0875** (0.0371) | 0.0874** (0.0371) |
| hour=15 # month=8 | 0.0705 (0.0433) | -0.0023 (.) | 0.0966** (0.0444) | 0.0964** (0.0444) |
| hour=15 # month=9 | 0.0618 (0.0451) | -0.0112 (.) | 0.0674 (0.0450) | 0.0671 (0.0450) |
| hour=15 # month=10 | 0.0250** (0.0110) | 0.0253 (.) | 0.0532*** (0.0164) | 0.0536*** (0.0164) |
| hour=15 # month=11 | 0.0144 (0.0108) | 0.0146 (.) | 0.0304** (0.0125) | 0.0307** (0.0125) |
| week=52 | | 0.0000 (.) | | |
| week=53 | | 0.0000 (.) | | |
| _cons | 2.0495*** (0.3801) | 1.9345 (.) | 2.4652*** (0.2348) | 2.3288*** (0.2985) |
| R² within | 0.3686 | 0.3686 | 0.3612 | 0.3614 |
| R² between | 0.9485 | 0.9485 | 0.9494 | 0.9492 |
| Number of groups | 48 | 48 | 48 | 48 |
| Obs. per group | 3,675 | 3,675 | 3,675 | 3,675 |
Log spot price is instrumented for by wind power prognosis for the same region.