Korean Energy Economic Review ISSN:1599-7057(Print) 에너지경제연구

The share of industrial demand in Korea's total city gas demand varies depending on the season. Accordingly, the effect of Saturdays and holidays is different depending on the season. In this study, we propose a model that can systematically estimate each special day effect based on the date. Using the estimated special day effect, the monthly effective days that at first is designed by Kim et al.(2011) can be computed more accurately. In particular, using the C-LASSO method, we confirm that the effects of public holidays other than Sunday can be estimated as a single variable once we control the common intra-year variation of the holiday effect. The findings in this study can be useful not only for daily city gas demand analysis, but also for calculating the monthly calendar effect, which is crucial for analyzing and forecasting the monthly city gas demand.