Modeling Electricity Demand in Shandong Province

Abstract

With the ongoing power market reforms in China, the electricity sector has experienced rapid development. As a key commercial and industrial hub, Shandong Province's power market plays a crucial role in local economic and social progress, directly influencing living standards. This study examines the determinants of electricity demand in Shandong Province using a multiple linear regression model. The results indicate that economic growth, electricity efficiency, urban industrialization, and electricity prices significantly affect electricity demand. These findings provide valuable insights for policymakers in Shandong Province to develop more effective electricity strategies, ensuring a balanced supply and demand.