Richard Newell was quoted in Wall Street Journal article on the use of electricity demand as an indicator of economic activity. Listed below is the full quote:
“Economists at the Energy Information Administration, the U.S. Department of Energy’s statistical arm, considered using electricity as an economic indicator. The idea was raised in a 2014 working paper but never adopted by the government.
Richard Newell, former head of the EIA and currently president of Resources for the Future, a Washington, D.C., policy group focused on energy and the environment, said the idea has merits, citing a strong correlation between electricity use, employment and economic activity. ‘This relationship holds true both over the long term and during short-term shocks like recessions,’ he said.”
Read the full article here.