Electricity Demand Forecasting

Problem

Unlike the other energy sources, electricity cannot be saved or to be used at another time reliably and cost-efficiently with current technologies. Thus, there should be a consistent prediction for its daily use. Otherwise, electricity distribution companies could incur massive costs.

Challenge

Forecasting hourly (short-term) electricity demand depends on the location, the socio-economic structure of the city, weather conditions, special days and various external variables.

Solution

The most accurate electricity demand forecasting can be achieved through AI modeling using internal counter-based consumption data together with external data such as weather conditions, national/religious holidays, pandemic restrictions and so on.

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