IDEAS home Printed from https://ideas.repec.org/a/eee/enepol/v168y2022ics0301421522003226.html
   My bibliography  Save this article

A comparative assessment of SARIMA, LSTM RNN and Fb Prophet models to forecast total and peak monthly energy demand for India

Author

Listed:
  • Chaturvedi, Shobhit
  • Rajasekar, Elangovan
  • Natarajan, Sukumar
  • McCullen, Nick

Abstract

Selecting a suitable energy demand forecasting method is challenging due to the complex interplay of long-term trends, short-term seasonalities, and uncertainties. This paper compares four time-series models performance to predict total and peak monthly energy demand in India. Indian's Central Energy Authority's (CEA) existing trend-based model is used as a baseline against (i) Seasonal Auto-Regressive Integrated Moving Average (SARIMA), (ii) Long Short Term Memory Recurrent Neural Network (LSTM RNN) and (iii) Facebook (Fb) Prophet models. Using 108 months of training data to predict 24 months of unseen data, the CEA model performs well in predicting monthly total energy demand with low root-mean square error (RMSE 4.23 GWh) and mean absolute percentage error (MAPE, 3.4%), but significantly under predicts monthly peak energy demand (RMSE 13.31 GW, MAPE 7.2%). In contrast, Fb Prophet performs well for monthly total (RMSE 4.23 GWh, MAPE 3.3%) and peak demand (RMSE 6.51 GW, MAPE 3.01%). SARIMA and LSTM RNN have higher prediction errors than CEA and Fb Prophet. Thus, Fb Prophet is selected to develop future energy forecasts from 2019 to 2024, suggesting that India's annual total and peak energy demand will likely increase at an annual growth rate of 3.9% and 4.5%, respectively.

Suggested Citation

  • Chaturvedi, Shobhit & Rajasekar, Elangovan & Natarajan, Sukumar & McCullen, Nick, 2022. "A comparative assessment of SARIMA, LSTM RNN and Fb Prophet models to forecast total and peak monthly energy demand for India," Energy Policy, Elsevier, vol. 168(C).
    • Handle: RePEc:eee:enepol:v:168:y:2022:i:c:s0301421522003226
    DOI: 10.1016/j.enpol.2022.113097
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0301421522003226
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.enpol.2022.113097?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Syed Aziz Ur Rehman & Yanpeng Cai & Rizwan Fazal & Gordhan Das Walasai & Nayyar Hussain Mirjat, 2017. "An Integrated Modeling Approach for Forecasting Long-Term Energy Demand in Pakistan," Energies, MDPI, vol. 10(11), pages 1-23, November.
    2. Wang, Yuanyuan & Wang, Jianzhou & Zhao, Ge & Dong, Yao, 2012. "Application of residual modification approach in seasonal ARIMA for electricity demand forecasting: A case study of China," Energy Policy, Elsevier, vol. 48(C), pages 284-294.
    3. Kim, Tae-Young & Cho, Sung-Bae, 2019. "Predicting residential energy consumption using CNN-LSTM neural networks," Energy, Elsevier, vol. 182(C), pages 72-81.
    4. Weide Li & Xuan Yang & Hao Li & Lili Su, 2017. "Hybrid Forecasting Approach Based on GRNN Neural Network and SVR Machine for Electricity Demand Forecasting," Energies, MDPI, vol. 10(1), pages 1-17, January.
    5. Jiang, Ping & Li, Ranran & Liu, Ningning & Gao, Yuyang, 2020. "A novel composite electricity demand forecasting framework by data processing and optimized support vector machine," Applied Energy, Elsevier, vol. 260(C).
    6. Kumar, Ujjwal & Jain, V.K., 2010. "Time series models (Grey-Markov, Grey Model with rolling mechanism and singular spectrum analysis) to forecast energy consumption in India," Energy, Elsevier, vol. 35(4), pages 1709-1716.
    7. Suganthi, L. & Samuel, Anand A., 2012. "Energy models for demand forecasting—A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 16(2), pages 1223-1240.
    8. Mustafa Akpinar & Nejat Yumusak, 2016. "Year Ahead Demand Forecast of City Natural Gas Using Seasonal Time Series Methods," Energies, MDPI, vol. 9(9), pages 1-17, September.
    9. Ekonomou, L., 2010. "Greek long-term energy consumption prediction using artificial neural networks," Energy, Elsevier, vol. 35(2), pages 512-517.
    10. Azadeh, A. & Babazadeh, R. & Asadzadeh, S.M., 2013. "Optimum estimation and forecasting of renewable energy consumption by artificial neural networks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 27(C), pages 605-612.
    11. Yeqi An & Yulin Zhou & Rongrong Li, 2019. "Forecasting India’s Electricity Demand Using a Range of Probabilistic Methods," Energies, MDPI, vol. 12(13), pages 1-24, July.
    12. Wang, Qiang & Li, Shuyu & Li, Rongrong, 2018. "Forecasting energy demand in China and India: Using single-linear, hybrid-linear, and non-linear time series forecast techniques," Energy, Elsevier, vol. 161(C), pages 821-831.
    13. Sajal Ghosh, 2008. "Univariate time-series forecasting of monthly peak demand of electricity in northern India," International Journal of Indian Culture and Business Management, Inderscience Enterprises Ltd, vol. 1(4), pages 466-474.
    14. Feng Jiang & Xue Yang & Shuyu Li, 2018. "Comparison of Forecasting India’s Energy Demand Using an MGM, ARIMA Model, MGM-ARIMA Model, and BP Neural Network Model," Sustainability, MDPI, vol. 10(7), pages 1-17, June.
    15. Sajal Ghosh & Anjana Das, 2002. "Short-run electricity demand forecasts in Maharashtra," Applied Economics, Taylor & Francis Journals, vol. 34(8), pages 1055-1059.
    16. Marco Barassi and Yuqian Zhao, 2018. "Combination Forecasting of Energy Demand in the UK," The Energy Journal, International Association for Energy Economics, vol. 0(Special I).
    17. Deb, Chirag & Zhang, Fan & Yang, Junjing & Lee, Siew Eang & Shah, Kwok Wei, 2017. "A review on time series forecasting techniques for building energy consumption," Renewable and Sustainable Energy Reviews, Elsevier, vol. 74(C), pages 902-924.
    18. Szoplik, Jolanta, 2015. "Forecasting of natural gas consumption with artificial neural networks," Energy, Elsevier, vol. 85(C), pages 208-220.
    19. Guorong Zhu & Sha Peng & Yongchang Lao & Qichao Su & Qiujie Sun, 2021. "Short-Term Electricity Consumption Forecasting Based on the EMD-Fbprophet-LSTM Method," Mathematical Problems in Engineering, Hindawi, vol. 2021, pages 1-9, April.
    20. Bedi, Jatin & Toshniwal, Durga, 2019. "Deep learning framework to forecast electricity demand," Applied Energy, Elsevier, vol. 238(C), pages 1312-1326.
    21. Ping-Huan Kuo & Chiou-Jye Huang, 2018. "A High Precision Artificial Neural Networks Model for Short-Term Energy Load Forecasting," Energies, MDPI, vol. 11(1), pages 1-13, January.
    22. Ismail Shah & Hasnain Iftikhar & Sajid Ali & Depeng Wang, 2019. "Short-Term Electricity Demand Forecasting Using Components Estimation Technique," Energies, MDPI, vol. 12(13), pages 1-17, July.
    23. Atul Anand & L. Suganthi, 2017. "Forecasting of Electricity Demand by Hybrid ANN-PSO Models," International Journal of Energy Optimization and Engineering (IJEOE), IGI Global, vol. 6(4), pages 66-83, October.
    24. Rallapalli, Srinivasa Rao & Ghosh, Sajal, 2012. "Forecasting monthly peak demand of electricity in India—A critique," Energy Policy, Elsevier, vol. 45(C), pages 516-520.
    25. Sajal Ghosh, 2009. "Univariate forecasting of day-ahead hourly electricity demand in the northern grid of India," International Journal of Indian Culture and Business Management, Inderscience Enterprises Ltd, vol. 2(6), pages 625-637.
    26. Seyedeh Narjes Fallah & Ravinesh Chand Deo & Mohammad Shojafar & Mauro Conti & Shahaboddin Shamshirband, 2018. "Computational Intelligence Approaches for Energy Load Forecasting in Smart Energy Management Grids: State of the Art, Future Challenges, and Research Directions," Energies, MDPI, vol. 11(3), pages 1-31, March.
    27. Myoungsoo Kim & Wonik Choi & Youngjun Jeon & Ling Liu, 2019. "A Hybrid Neural Network Model for Power Demand Forecasting," Energies, MDPI, vol. 12(5), pages 1-17, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gabriela Mayumi Saiki & André Luiz Marques Serrano & Gabriel Arquelau Pimenta Rodrigues & Guilherme Dantas Bispo & Vinícius Pereira Gonçalves & Clóvis Neumann & Robson de Oliveira Albuquerque & Carlos, 2024. "Application of Non-Parametric and Forecasting Models for the Sustainable Development of Energy Resources in Brazil," Resources, MDPI, vol. 13(11), pages 1-29, October.
    2. Bibi Ibrahim & Luis Rabelo & Alfonso T. Sarmiento & Edgar Gutierrez-Franco, 2023. "A Holistic Approach to Power Systems Using Innovative Machine Learning and System Dynamics," Energies, MDPI, vol. 16(13), pages 1-29, July.
    3. Zhang, Yagang & Wang, Hui & Wang, Jingchao & Cheng, Xiaodan & Wang, Tong & Zhao, Zheng, 2024. "Ensemble optimization approach based on hybrid mode decomposition and intelligent technology for wind power prediction system," Energy, Elsevier, vol. 292(C).
    4. Liu, Longlong & Zhou, Suyu & Jie, Qian & Du, Pei & Xu, Yan & Wang, Jianzhou, 2024. "A robust time-varying weight combined model for crude oil price forecasting," Energy, Elsevier, vol. 299(C).
    5. Emami Javanmard, M. & Tang, Y. & Wang, Z. & Tontiwachwuthikul, P., 2023. "Forecast energy demand, CO2 emissions and energy resource impacts for the transportation sector," Applied Energy, Elsevier, vol. 338(C).
    6. Rao, Congjun & Zhang, Yue & Wen, Jianghui & Xiao, Xinping & Goh, Mark, 2023. "Energy demand forecasting in China: A support vector regression-compositional data second exponential smoothing model," Energy, Elsevier, vol. 263(PC).
    7. Chen, Yunxiao & Lin, Chaojing & Zhang, Yilan & Liu, Jinfu & Yu, Daren, 2024. "Day-ahead load forecast based on Conv2D-GRU_SC aimed to adapt to steep changes in load," Energy, Elsevier, vol. 302(C).
    8. Yijue Sun & Fenglin Zhang, 2022. "Grey Multivariable Prediction Model of Energy Consumption with Different Fractional Orders," Sustainability, MDPI, vol. 14(24), pages 1-17, December.
    9. Zhang, Chengyu & Ma, Liangdong & Han, Xing & Zhao, Tianyi, 2024. "Reconstituted data-driven air conditioning energy consumption prediction system employing occupant-orientated probability model as input and swarm intelligence optimization algorithms," Energy, Elsevier, vol. 288(C).
    10. Cheng, Jiyang & Tiwari, Sunil & Khaled, Djebbouri & Mahendru, Mandeep & Shahzad, Umer, 2024. "Forecasting Bitcoin prices using artificial intelligence: Combination of ML, SARIMA, and Facebook Prophet models," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    11. Yuvaraj Natarajan & Sri Preethaa K. R. & Gitanjali Wadhwa & Young Choi & Zengshun Chen & Dong-Eun Lee & Yirong Mi, 2024. "Enhancing Building Energy Efficiency with IoT-Driven Hybrid Deep Learning Models for Accurate Energy Consumption Prediction," Sustainability, MDPI, vol. 16(5), pages 1-23, February.
    12. Li, Xiaobin & Sengupta, Tuhin & Si Mohammed, Kamel & Jamaani, Fouad, 2023. "Forecasting the lithium mineral resources prices in China: Evidence with Facebook Prophet (Fb-P) and Artificial Neural Networks (ANN) methods," Resources Policy, Elsevier, vol. 82(C).
    13. Marian Kampik & Marcin Fice & Adam Pilśniak & Krzysztof Bodzek & Anna Piaskowy, 2023. "An Analysis of Energy Consumption in Small- and Medium-Sized Buildings," Energies, MDPI, vol. 16(3), pages 1-21, February.
    14. Tian, Zhirui & Liu, Weican & Jiang, Wenqian & Wu, Chenye, 2024. "CNNs-Transformer based day-ahead probabilistic load forecasting for weekends with limited data availability," Energy, Elsevier, vol. 293(C).
    15. Mustafa Saglam & Catalina Spataru & Omer Ali Karaman, 2023. "Forecasting Electricity Demand in Turkey Using Optimization and Machine Learning Algorithms," Energies, MDPI, vol. 16(11), pages 1-23, June.
    16. M. K. Islam & N. M. S. Hassan & M. G. Rasul & Kianoush Emami & Ashfaque Ahmed Chowdhury, 2023. "Forecasting of Solar and Wind Resources for Power Generation," Energies, MDPI, vol. 16(17), pages 1-23, August.
    17. Yifei Chen & Zhihan Fu, 2023. "Multi-Step Ahead Forecasting of the Energy Consumed by the Residential and Commercial Sectors in the United States Based on a Hybrid CNN-BiLSTM Model," Sustainability, MDPI, vol. 15(3), pages 1-21, January.
    18. Merve Kayacı Çodur, 2023. "Ensemble Machine Learning Approaches for Prediction of Türkiye’s Energy Demand," Energies, MDPI, vol. 17(1), pages 1-25, December.
    19. Abdil Karakan, 2024. "Predicting Energy Production in Renewable Energy Power Plants Using Deep Learning," Energies, MDPI, vol. 17(16), pages 1-13, August.
    20. Basharat Jamil & Lucía Serrano-Luján, 2024. "Hybrid Metaheuristic Algorithms for Optimization of Countrywide Primary Energy: Analysing Estimation and Year-Ahead Prediction," Energies, MDPI, vol. 17(7), pages 1-26, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wang, Qiang & Li, Shuyu & Li, Rongrong, 2018. "Forecasting energy demand in China and India: Using single-linear, hybrid-linear, and non-linear time series forecast techniques," Energy, Elsevier, vol. 161(C), pages 821-831.
    2. Aneeque A. Mir & Mohammed Alghassab & Kafait Ullah & Zafar A. Khan & Yuehong Lu & Muhammad Imran, 2020. "A Review of Electricity Demand Forecasting in Low and Middle Income Countries: The Demand Determinants and Horizons," Sustainability, MDPI, vol. 12(15), pages 1-35, July.
    3. Wenting Zhao & Juanjuan Zhao & Xilong Yao & Zhixin Jin & Pan Wang, 2019. "A Novel Adaptive Intelligent Ensemble Model for Forecasting Primary Energy Demand," Energies, MDPI, vol. 12(7), pages 1-28, April.
    4. Seok-Jun Bu & Sung-Bae Cho, 2020. "Time Series Forecasting with Multi-Headed Attention-Based Deep Learning for Residential Energy Consumption," Energies, MDPI, vol. 13(18), pages 1-16, September.
    5. Debnath, Kumar Biswajit & Mourshed, Monjur, 2018. "Forecasting methods in energy planning models," Renewable and Sustainable Energy Reviews, Elsevier, vol. 88(C), pages 297-325.
    6. Wang, Qiang & Jiang, Feng, 2019. "Integrating linear and nonlinear forecasting techniques based on grey theory and artificial intelligence to forecast shale gas monthly production in Pennsylvania and Texas of the United States," Energy, Elsevier, vol. 178(C), pages 781-803.
    7. Peng, Shiliang & Fan, Lin & Zhang, Li & Su, Huai & He, Yuxuan & He, Qian & Wang, Xiao & Yu, Dejun & Zhang, Jinjun, 2024. "Spatio-temporal prediction of total energy consumption in multiple regions using explainable deep neural network," Energy, Elsevier, vol. 301(C).
    8. Shao, Zhen & Chao, Fu & Yang, Shan-Lin & Zhou, Kai-Le, 2017. "A review of the decomposition methodology for extracting and identifying the fluctuation characteristics in electricity demand forecasting," Renewable and Sustainable Energy Reviews, Elsevier, vol. 75(C), pages 123-136.
    9. Jasiński, Tomasz, 2022. "A new approach to modeling cycles with summer and winter demand peaks as input variables for deep neural networks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 159(C).
    10. Deb, Chirag & Zhang, Fan & Yang, Junjing & Lee, Siew Eang & Shah, Kwok Wei, 2017. "A review on time series forecasting techniques for building energy consumption," Renewable and Sustainable Energy Reviews, Elsevier, vol. 74(C), pages 902-924.
    11. Sylvia Mardiana & Ferdinand Saragih & Martani Huseini, 2020. "Forecasting Gasoline Demand in Indonesia Using Time Series," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 132-145.
    12. Paul Anton Verwiebe & Stephan Seim & Simon Burges & Lennart Schulz & Joachim Müller-Kirchenbauer, 2021. "Modeling Energy Demand—A Systematic Literature Review," Energies, MDPI, vol. 14(23), pages 1-58, November.
    13. Gholami, M. & Barbaresi, A. & Torreggiani, D. & Tassinari, P., 2020. "Upscaling of spatial energy planning, phases, methods, and techniques: A systematic review through meta-analysis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 132(C).
    14. Hyunsoo Kim & Jiseok Jeong & Changwan Kim, 2022. "Daily Peak-Electricity-Demand Forecasting Based on Residual Long Short-Term Network," Mathematics, MDPI, vol. 10(23), pages 1-17, November.
    15. Baratsas, Stefanos G. & Niziolek, Alexander M. & Onel, Onur & Matthews, Logan R. & Floudas, Christodoulos A. & Hallermann, Detlef R. & Sorescu, Sorin M. & Pistikopoulos, Efstratios N., 2022. "A novel quantitative forecasting framework in energy with applications in designing energy-intelligent tax policies," Applied Energy, Elsevier, vol. 305(C).
    16. Jun Hao & Xiaolei Sun & Qianqian Feng, 2020. "A Novel Ensemble Approach for the Forecasting of Energy Demand Based on the Artificial Bee Colony Algorithm," Energies, MDPI, vol. 13(3), pages 1-25, January.
    17. Reza Hafezi & Amir Naser Akhavan & Mazdak Zamani & Saeed Pakseresht & Shahaboddin Shamshirband, 2019. "Developing a Data Mining Based Model to Extract Predictor Factors in Energy Systems: Application of Global Natural Gas Demand," Energies, MDPI, vol. 12(21), pages 1-22, October.
    18. Lu, Hongfang & Ma, Xin & Azimi, Mohammadamin, 2020. "US natural gas consumption prediction using an improved kernel-based nonlinear extension of the Arps decline model," Energy, Elsevier, vol. 194(C).
    19. Manuel Jaramillo & Diego Carrión, 2022. "An Adaptive Strategy for Medium-Term Electricity Consumption Forecasting for Highly Unpredictable Scenarios: Case Study Quito, Ecuador during the Two First Years of COVID-19," Energies, MDPI, vol. 15(22), pages 1-19, November.
    20. Andreea Valeria Vesa & Tudor Cioara & Ionut Anghel & Marcel Antal & Claudia Pop & Bogdan Iancu & Ioan Salomie & Vasile Teodor Dadarlat, 2020. "Energy Flexibility Prediction for Data Center Engagement in Demand Response Programs," Sustainability, MDPI, vol. 12(4), pages 1-23, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:enepol:v:168:y:2022:i:c:s0301421522003226. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/enpol .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.