Electricity producers cannot operate without an accurate demand forcasting model.
Electricity is a driving force for the economy. We use it to brew our coffe and to build self-driving cars. When we need it, we simply use it. We do not need to order it or queue for it. It is always available.
In such system, an accurate demand forecasting model is a must. Energy producers can only provide needed electricity if the expected consumption is well known. The forecasts are thus essential to tak decisions on generating power and developing the infrastructure.
The challenge was to build a forecasting model for electicity demand. Incorporating daily, weekly and monthly patterns allowed the algorithm to capture different market dynamics. Integrating a trend, enabled it to accurately reflect growing economy.
Forecasting Electricity Demand
Electricity producers cannot operate without an accurate demand forcasting model.
Electricity is a driving force for the economy. We use it to brew our coffe and to build self-driving cars. When we need it, we simply use it. We do not need to order it or queue for it. It is always available.
In such system, an accurate demand forecasting model is a must. Energy producers can only provide needed electricity if the expected consumption is well known. The forecasts are thus essential to tak decisions on generating power and developing the infrastructure.
The challenge was to build a forecasting model for electicity demand. Incorporating daily, weekly and monthly patterns allowed the algorithm to capture different market dynamics. Integrating a trend, enabled it to accurately reflect growing economy.
Datali