The impact of electric heating on the balance of payments

We consider the effects of penetration of heat storage for space heating on the balance of payments. Although electric heating has low thermodynamic efficiency, it may be economically attractive because of the use of cheap fuels. Two operating modes are considered for controlling the heat storage loads and their effects on the load curve. A global energy model is used to determine the evolution of the power-generation and oil-refining sectors. Information derived from this model is used to measure effects on the balance of payments.