One of the leading electricity distribution companies aims to accurately forecast electricity demand for the next 1-2 years to efficiently manage production and vendor procurement.
The available data consists of monthly electricity consumption from January 1973 to December 2019. The data includes the date (month and year) and electricity consumption in trillion watts.
- Forecast the demand for electricity for the next 1-2 years.
- Calculate error metrics (RMSE, RMSPE, MAPE).
- Compare various models, including Decomposition, ETS models, ARIMA/SARIMA Models with various parameters.
- Detailed code with proper comments.
- Model validation metrics/accuracy metrics.
- Demand estimation for the next 1-2 years on a monthly basis.
- Selection of the chosen model and reasoning for the selection.
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