Energy demand is primarily driven by economic growth, as increased economic activity leads to higher energy consumption.

Hydropower is not a major source of energy supply globally, although it is a significant source in some regions.

A monopoly is a market structure in which a single supplier controls a large share of the market, giving them significant market power.

Energy rationing is not a common energy policy instrument, as it involves direct government control over energy consumption.

Energy rent is the term used to describe the difference between the price consumers pay for energy and the cost of producing that energy.

Perfect competition is not a factor that can lead to energy market failures, as it assumes that all market participants have perfect information and there are no externalities.

Energy conversion is the process of converting one form of energy into another, such as converting electrical energy into mechanical energy.

Fossil fuels are not a type of energy storage technology, as they are a source of energy rather than a means of storing it.

Energy efficiency is the process of reducing energy consumption without compromising on the level of service, such as by using more efficient appliances.

Physical market is not a type of energy market, as it refers to the physical delivery of energy commodities.

Energy substitution is the process of replacing one form of energy with another, such as replacing fossil fuels with renewable energy sources.

Energy rationing is not a common energy policy instrument, as it involves direct government control over energy consumption.

Energy rent is the term used to describe the difference between the price consumers pay for energy and the cost of producing that energy.

Perfect competition is not a factor that can lead to energy market failures, as it assumes that all market participants have perfect information and there are no externalities.

Energy conversion is the process of converting one form of energy into another, such as converting electrical energy into mechanical energy.