Explain the demand side, end-use, and energy-services approach in energy
economics.
Demand side approach in energy economics refers to the analysis of energy consumption from the standpoint of the user. This approach analyzes how consumers utilize energy for different purposes and how their behavior and preferences influence energy demand. The demand side approach is useful in identifying the causes of energy demand growth, changing patterns of consumption, and associated social, environmental and economic implications.
End-use approach in energy economics refers to the analysis of energy consumption through the end-use devices and sectors. This approach involves examining the energy performance of different equipment and appliances, such as lighting, heating, cooling, transportation, and industrial processes, and how they consume energy. End-use analysis helps identify the most efficient and cost-effective ways of conserving energy and reducing greenhouse gas emissions.
Energy-services approach in energy economics refers to the outlook of energy as a means of delivering energy services rather than simply supplying energy fuels. This approach aims to deliver the desired energy services, such as lighting or thermal comfort, while minimizing energy consumption and environmental impacts. It involves looking beyond the supply-side cost of energy to concentrate on the service provide for end users. It considers the idea that utility can be achieved in smarter ways through improved technologies or energy security.