A survey on electric power consumption prediction techniques

Abstract

Prediction of electric power consumption has recently become one of the important domains, not only for the electrical utilities, but also for the consumers of the electricity. In the recent time, the demand of accurate electric power consumption prediction has been increased and is considered as an integral part for electric utility in planning and scheduling of electricity distribution from the power system. Accurate prediction enabled to better manage of electric usage. A review of the recent electric consumption prediction techniques will be presented in this paper in the context of different power consumption prediction applications. This study focusses a comprehensive survey of the existing methods employed for power consumption prediction process and a comparative study has been performed on different models based on the three methods. The predicted results of the models are evaluated by using the performance metrics such as Mean Square Error (MSE), Root Mean Square Error (RMSE), Mean Absolute Error (MAE), and Mean Absolute Percentage Error (MAPE) metric.