This paper attempts to shed light on the determinants of industrial energy demand in Greece. For this purpose we used cointegration analysis in order to capture short-run and long-run elasticities for oil and electricity industrial demand, respectively. The sample spans the period 1970-2004. From the empirical analysis and the Johansen's maximum likelihood procedure we found cointegration for oil and electricity demand. The results suggest that industrial energy demand is inelastic both in the short and the long run, while electricity and oil are substitutes. Also, oil and electricity prices are weakly exogenous both in the short and the long run. (c) 2007 Elsevier Ltd. All rights reserved.