Russia’s invasion of Ukraine was accompanied by a significant reduction in its gas supplies
to Europe, causing sharp energy price surges and prompting governments to respond with
public appeals and programs aimed at reducing consumption. This paper investigates the
relative contributions of price increases and non-monetary factors, such as public appeals, to
residential energy savings during the crisis. Using a unique building-level dataset from Germany,
we employ a difference-in-difference framework comparing buildings which were facing
immediate price increases with buildings with constant prices to isolate price-driven savings
from contemporaneous non-monetary effects. Our findings reveal that while increased prices
led to moderate short-run energy savings, the majority of observed savings were driven by
non-monetary factors. We identify a relatively low short-run energy price elasticity of demand.
Combining machine learning methods to predict predict energy consumption without
the energy crisis based on previous data, we calculate building-level price-driven and nonprice-
driven savings, analyzing their variation with socio-demographic characteristics using
census data. These results highlight the critical role of non-monetary interventions in energy
conservation during crises.