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The impact of COVID-19 on the US renewable and non-renewable energy consumption: a sectoral analysis based on quantile on quantile regression approach

The repercussions of the novel coronavirus (COVID-19) pandemic go well beyond health concerns, affecting virtually every aspect of our lives, including daily energy consumption. Therefore, this study explores the impact of COVID-19 on renewable and non-renewable energy consumption in the USA, which...

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Detalles Bibliográficos
Autores principales: Yasmeen, Rizwana, Hao, Gang, Ullah, Assad, Shah, Wasi Ul Hassan, Long, Yunfei
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer Berlin Heidelberg 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9307439/
https://www.ncbi.nlm.nih.gov/pubmed/35870063
http://dx.doi.org/10.1007/s11356-022-22054-4
Descripción
Sumario:The repercussions of the novel coronavirus (COVID-19) pandemic go well beyond health concerns, affecting virtually every aspect of our lives, including daily energy consumption. Therefore, this study explores the impact of COVID-19 on renewable and non-renewable energy consumption in the USA, which has been severely affected by the recent pandemic. We conducted a detailed analysis of the energy consumption demands of various sectors in response to the COVID-19 outbreak. Our in-depth analysis comprises two parts. Initially, we determine the monthly growth change by utilizing the month-on-month method. Subsequently, we used the quantile-on-quantile approach of Sim and Zhou (2015) on data spanning from December 2019 to August 2021 to explore the impact of COVID-19 on energy consumption across the whole distribution. The study’s outcomes underscored that compared to renewable energy, non-renewable energy consumption was more affected by the COVID-19 lockdown, and the overall energy consumption (both renewable and non-renewable) remained low. These findings accentuate global strategic management tools to tackle COVID-19 cooperatively and restore the energy mix. Such measures are critical for energy access, security, and evenhandedness.