Time series analysis for analyzing and predicting energy consumption

 

In recent years, the demand for electricity has been continuously increasing. And measuring consumption level of energy plays an important parameter in determining the required level of electricity production and supply system of any country. And it is very important to find a predictive model to visualize, analyze, and forecast the energy consumption trends for a given period of time in future.

Electricity in the united states is supplied to consumers through three large power grids-

1.The eastern interconnection-serving the area east of the rocky mountains.
2.The western interconnection-serving the area west of the rocky mountains and great plains to the pacific coast.
3.The electric reliability council of texas (ERCOT)-covers most of the state of texas.

In our study, we have analyzed 20 years of electricity consumption in eastern interconnection power grid to predict the consumption level of electricity in the upcoming years. Our predictive model can provide incisive insights that are fundamental in concerns like micro-grid, energy storage, demand analysis, and energy feedback.

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About Qualetics Data Machines

Data Analytics and Artificial Intelligence is growing to be an ubiquitous need in the modern enterprise ecosystem. The need for Analytics is ranging from basic Descriptive and Diagnostic Analytics to advanced Predictive, Prescriptive and Cognitive Analytics.  However, the barrier of entry is high due to expensive infrastructure and highly skilled resource requirements.

Qualetics Data Machines Inc. aims to eliminate this barrier by introducing a product that makes it easy for businesses to embrace data science and gain data intelligence.

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