India's Electricity Demand forecast Using Regression Analysis and Artificial Neural Networks Based on Principal Components

Power System planning starts with Electric load (demand) forecasting. Accurate electricity load forecasting is one of the most important challenges in managing supply and demand of the electricity, since the electricity demand is volatile in nature; it cannot be stored and has to be consumed instantly. The aim of this study deals with electricity consumption in India, to forecast future projection of demand for a period of 19 years from 2012 to 2030. The eleven input variables used are Amount of CO₂ emission, Population, Per capita GDP, Per capita gross national income, Gross Domestic savings, Industry, Consumer price index, Wholesale price index, Imports, Exports and Per capita power consumption. A new methodology based on Artificial Neural Networks (ANNs) using principal components is also used. Data of 29 years used for training and data of 10 years used for testing the ANNs. Comparison made with multiple linear regression (based on original data and the principal components) and ANNs with original data as input variables. The results show that the use of ANNs with principal components (PC) is more effective.