Projecting a society’s long-term electricity demand helps determine what capacity is needed for future energy generation. Accurate forecasts of electricity demand inform investment decisions about power generation and supporting network infrastructure. Of major interest to energy policymakers, power utilities, and private investors alike, forecasts are also essential for development professionals. Inaccurate forecasts, whether they over-or under predict demand, can have dire social and economic consequences. Underestimating demand results in supply shortages and forced power outages, with serious consequences for productivity and economic growth. Overestimating demand can lead to overinvestment in generation capacity, possible financial distress, and, ultimately, higher electricity prices. Several techniques have been developed over the last few decades to accurately predict the future of energy consumption. The main objective of this notebook is to create an energy demand forecasting system using Facebook Prophet. Facebook Prophet is an open-source library released by Facebook’s Core Data Science team. The data I am going to use for this particular task is the new york electricity demand dataset.
gitofanandaghosh/Energy-Demand-Forecasting
Projecting a society’s long-term electricity demand helps determine what capacity is needed for future energy generation. Accurate forecasts of electricity demand inform investment decisions about power generation and supporting network infrastructure. Of major interest to energy policymakers, power utilities, and private investors alike, forecasts are also essential for development professionals. Inaccurate forecasts, whether they over-or under predict demand, can have dire social and economic consequences. Underestimating demand results in supply shortages and forced power outages, with serious consequences for productivity and economic growth. Overestimating demand can lead to overinvestment in generation capacity, possible financial distress, and, ultimately, higher electricity prices. Several techniques have been developed over the last few decades to accurately predict the future of energy consumption. The main objective of this notebook is to create an energy demand forecasting system using Facebook Prophet. Facebook Prophet is an open-source library released by Facebook’s Core Data Science team. The data I am going to use for this particular task is the new york electricity demand dataset.
Jupyter Notebook