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Forecasting Sector-wise Electricity Consumption for India Using Various Regression Models


Affiliations
1 Department of Mechanical Engineering, Ramdeobaba College of Engineering and Management, Katol Road, Nagpur 440 013, India
2 CSIR-Central Institute of Mining and Fuel Research, Nagpur Research Centre (Fuel Sciences), 17/C, Telangkhedi Area, Civil Lines, Nagpur 440 001, India
 

Electricity is an important and one of the most dominant energy sources used in the world. It governs a major share in the Indian as well as world economy. Thus, forecasting its consumption can be useful in better planning of its future production and supply. In the present study, electricity consumption in seven different sectors, namely industry, domestic, agriculture, commercial, traction and railways, others along with total electricity consumed is forecasted using regression analysis. The study uses four regression modelling approaches to forecast electricity consumption by sectors in India. These are linear, logarithmic, power and exponential regression models. The accuracy of the models is tested using R2 (coefficient of determination) and MAPE (mean absolute percentage error) values. The model having the highest R2 and lowest MAPE value is selected for better accuracy results. The result/forecast is then compared with the available data published by the Central Electricity Authority, Government of India.

Keywords

Electricity Consumption, Energy Policy, Forecasting, Regression Analysis.
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Abstract Views: 250

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  • Forecasting Sector-wise Electricity Consumption for India Using Various Regression Models

Abstract Views: 250  |  PDF Views: 104

Authors

Renuka Rekhade
Department of Mechanical Engineering, Ramdeobaba College of Engineering and Management, Katol Road, Nagpur 440 013, India
D. K. Sakhare
CSIR-Central Institute of Mining and Fuel Research, Nagpur Research Centre (Fuel Sciences), 17/C, Telangkhedi Area, Civil Lines, Nagpur 440 001, India

Abstract


Electricity is an important and one of the most dominant energy sources used in the world. It governs a major share in the Indian as well as world economy. Thus, forecasting its consumption can be useful in better planning of its future production and supply. In the present study, electricity consumption in seven different sectors, namely industry, domestic, agriculture, commercial, traction and railways, others along with total electricity consumed is forecasted using regression analysis. The study uses four regression modelling approaches to forecast electricity consumption by sectors in India. These are linear, logarithmic, power and exponential regression models. The accuracy of the models is tested using R2 (coefficient of determination) and MAPE (mean absolute percentage error) values. The model having the highest R2 and lowest MAPE value is selected for better accuracy results. The result/forecast is then compared with the available data published by the Central Electricity Authority, Government of India.

Keywords


Electricity Consumption, Energy Policy, Forecasting, Regression Analysis.

References





DOI: https://doi.org/10.18520/cs%2Fv121%2Fi3%2F365-371