The impact of an energy crisis on the residential consumers’ consumption behavior based on a Finnish case study

Abstract

The aggression of Russia against Ukraine has had a devastating effect on people’s lives and is indirectly affecting the electricity market in Europe. The electricity market has seen a drastic increase in the electricity prices as a result of limitations on the gas imports from Russia. The sudden increase in the electricity prices and the ever-increasing inflation have affected the opinions of residential consumers on their energy usage. This paper focuses on changes in consumer behavior over different time frames during the Russian aggression by means of a survey distributed to residential consumers of a Finnish distribution system operator (DSO). The results of this paper highlight the differences in consumer preferences based on the economic effects of high energy prices along with media warnings. The results of this paper also show that when the time of need arises, consumers are more than willing to adjust their electricity usage, which is essential in the transition toward a sustainable energy system in the future.