Abstract
This study analyzed Granger causality between power consumption and production activity in manufacturing sector, by using error correction model. It found that there exists the connection between power consumption and production activity in manufacturing sector. By reflecting the industrial characteristics, it found not only the bilateral causality (power consumption ↔ production activity) in power non-intensive industry, high value-added industry and low value-added industry, but also one-way causality (power consumption → production activity) in power-intensive industry. These results imply that power demand management policy focusing on efficiency improvement is necessary primarily to minimize negative impacts on production activity, and also stable power supply system is required to meet the increase of power demand.
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