Electricity Demand Prediction Using Artificial Neural Network Framework
Abstract
As the economy is growing, electricity usage has been growing and to meet the needs of energy market in providing the electricity without power outages, utility companies, distributors and investors need a powerful tool that can effectively predict electricity demand day ahead that can help them in making better decisions in inventory planning, power generation, and resource management. Historical data is a great source that can be used with artificial neural networks to predict electricity demand effectively with a decent error rate of 0.06.