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Methodology for forecasting electricity consumption by Grey and Vector autoregressive models.

ABSTRACT: Forecasting energy demand in general, and electricity demand in particular, requires the developing reliable forecasting tools that can be used to monitor the evolution of consumers' energy needs more accurately. The proposed new hybrid GM(1,1)-VAR(1) model is meant for that purpose. The latter is based on the Grey and Vector autoregressive approaches, and makes it possible to predict future demand, by taking into account economic and demographic determinants with an exponential growth trend. With an associated APE of 1.5, a MAPE of 1.628%, and an RMSE of 15.42, this new model thus presents better accuracy indicators than hybrid models of the same nature. Also, it proves to be as accurate as some recent hybrid artificial intelligence models. The model is thus a reliable forecasting tool that can be used to monitor the evolution of energy demand.•The Grey and Vector autoregressive models are coupled to improve their accuracy.•Five economic and demographic parameters are included in the new hybrid model.•This new model is a reliable forecasting tool for assessing energy demand.

SUBMITTER: Guefano S

PROVIDER: S-EPMC8374266 | biostudies-literature |

REPOSITORIES: biostudies-literature

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Project description:BackgroundMathematical and statistical models are used to predict trends in epidemic spread and determine the effectiveness of control measures. Automatic regressive integrated moving average (ARIMA) models are used for time-series forecasting, but only few models of the 2019 coronavirus disease (COVID-19) pandemic have incorporated protective behaviors or vaccination, known to be effective for pandemic control.MethodsTo improve the accuracy of prediction, we applied newly developed ARIMA models with predictors (mask wearing, avoiding going out, and vaccination) to forecast weekly COVID-19 case growth rates in Canada, France, Italy, and Israel between January 2021 and March 2022. The open-source data was sourced from the YouGov survey and Our World in Data. Prediction performance was evaluated using the root mean square error (RMSE) and the corrected Akaike information criterion (AICc).ResultsA model with mask wearing and vaccination variables performed best for the pandemic period in which the Alpha and Delta viral variants were predominant (before November 2021). A model using only past case growth rates as autoregressive predictors performed best for the Omicron period (after December 2021). The models suggested that protective behaviors and vaccination are associated with the reduction of COVID-19 case growth rates, with booster vaccine coverage playing a particularly vital role during the Omicron period. For example, each unit increase in mask wearing and avoiding going out significantly reduced the case growth rate during the Alpha/Delta period in Canada (-0.81 and -0.54, respectively; both p < 0.05). In the Omicron period, each unit increase in the number of booster doses resulted in a significant reduction of the case growth rate in Canada (-0.03), Israel (-0.12), Italy (-0.02), and France (-0.03); all p < 0.05.ConclusionsThe key findings of this study are incorporating behavior and vaccination as predictors led to accurate predictions and highlighted their significant role in controlling the pandemic. These models are easily interpretable and can be embedded in a "real-time" schedule with weekly data updates. They can support timely decision making about policies to control dynamically changing epidemics.

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Methodology for forecasting electricity consumption by Grey and Vector autoregressive models.

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