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Short Term and Medium Term Forecasting of Household Power Consumption

- Gagandeep Kaur

Problem Statement:

Electric energy is a precious and indispensable resource. The mismanagement of its utilization can lead to a fall in the supply of electricity. It is therefore imperative that everybody should be concerned about the efficient use of energy in order to reduce consumption [1]. Management of power allocation and distribution as well as analyzing the consumption of electric power will become more significant as we move towards planning of Smart Cities. The purpose of this project was to find a model to forecast the electricity consumption in a household and to find the more suitable forecasting period whether it should be in daily, weekly, fortnightly, or monthly. A number of forecasting models were analyzed for this time series data including Random Forests with Auto Regression, AutoReg, ARIMA, and SARIMAX Model. Finally, the performance of a two step prediction where two forecasting models were used in sequence was also checked.

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