IDEAS home Printed from https://ideas.repec.org/a/gam/jforec/v3y2021i2p16-266d528336.html
   My bibliography  Save this article

A Stochastic Estimation Framework for Yearly Evolution of Worldwide Electricity Consumption

Author

Listed:
  • Qasem Abu Al-Haija

    (Department of Data Science & Artificial Intelligence, Faculty of Information Technology, University of Petra, Amman 1196, Jordan)

Abstract

The determination of electric energy consumption is remarked as one of the most vital objectives for electrical engineers as it is highly essential in determining the actual energy demand made on the existing electricity supply. Therefore, it is important to find out about the increasing trend in electric energy demands and use all over the world. In this work, we present a prediction scheme for the progression of worldwide aggregates of cumulative electricity consumption using the time series of the records released annually for the net electricity use throughout the world. Consequently, we make use of an autoregressive (AR) model by retaining the best possible autoregression order recording the highest regression accuracy and the lowest standardized regression error. The resultant regression scheme was proficiently employed to regress and forecast the evolution of next-decade data for the net consumption of electricity worldwide from 1980 to 2019 (in billion kilowatt-hours). The experimental outcomes exhibited that the highest accuracy in regressing and forecasting the global consumption of electricity is 95.7%. The prediction results disclose a linearly growing trend in the amount of electricity issued annually over the past four decades’ observation for the global net electricity consumption dataset.

Suggested Citation

  • Qasem Abu Al-Haija, 2021. "A Stochastic Estimation Framework for Yearly Evolution of Worldwide Electricity Consumption," Forecasting, MDPI, vol. 3(2), pages 1-11, April.
    • Handle: RePEc:gam:jforec:v:3:y:2021:i:2:p:16-266:d:528336
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2571-9394/3/2/16/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2571-9394/3/2/16/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Yi-Chung Hu, 2017. "Electricity consumption prediction using a neural-network-based grey forecasting approach," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 68(10), pages 1259-1264, October.
    2. Kamal Al Nasr & Qasem Abu Al-Haija, 2020. "Forecasting the Growth of Structures from NMR and X-Ray Crystallography Experiments Released Per Year," Journal of Information & Knowledge Management (JIKM), World Scientific Publishing Co. Pte. Ltd., vol. 19(01), pages 1-12, March.
    3. Li, Der-Chiang & Chang, Che-Jung & Chen, Chien-Chih & Chen, Wen-Chih, 2012. "Forecasting short-term electricity consumption using the adaptive grey-based approach—An Asian case," Omega, Elsevier, vol. 40(6), pages 767-773.
    4. Luis Gonzaga Baca Ruiz & Manuel Pegalajar Cuéllar & Miguel Delgado Calvo-Flores & María Del Carmen Pegalajar Jiménez, 2016. "An Application of Non-Linear Autoregressive Neural Networks to Predict Energy Consumption in Public Buildings," Energies, MDPI, vol. 9(9), pages 1-21, August.
    5. Costa, Alysson M. & França, Paulo M. & Lyra Filho, Christiano, 2011. "Two-level network design with intermediate facilities: An application to electrical distribution systems," Omega, Elsevier, vol. 39(1), pages 3-13, January.
    6. Tutun, Salih & Chou, Chun-An & Canıyılmaz, Erdal, 2015. "A new forecasting framework for volatile behavior in net electricity consumption: A case study in Turkey," Energy, Elsevier, vol. 93(P2), pages 2406-2422.
    Full references (including those not matched with items on IDEAS)

    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. Yi-Chung Hu, 2017. "Electricity consumption prediction using a neural-network-based grey forecasting approach," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 68(10), pages 1259-1264, October.
    2. Yi-Chung Hu, 2017. "Nonadditive Grey Prediction Using Functional-Link Net for Energy Demand Forecasting," Sustainability, MDPI, vol. 9(7), pages 1-14, July.
    3. Wang, Lin & Hu, Huanling & Ai, Xue-Yi & Liu, Hua, 2018. "Effective electricity energy consumption forecasting using echo state network improved by differential evolution algorithm," Energy, Elsevier, vol. 153(C), pages 801-815.
    4. Yi-Chung Hu, 2021. "Forecasting tourism demand using fractional grey prediction models with Fourier series," Annals of Operations Research, Springer, vol. 300(2), pages 467-491, May.
    5. Wu, Wen-Ze & Pang, Haodan & Zheng, Chengli & Xie, Wanli & Liu, Chong, 2021. "Predictive analysis of quarterly electricity consumption via a novel seasonal fractional nonhomogeneous discrete grey model: A case of Hubei in China," Energy, Elsevier, vol. 229(C).
    6. Ding, Jia & Wang, Maolin & Ping, Zuowei & Fu, Dongfei & Vassiliadis, Vassilios S., 2020. "An integrated method based on relevance vector machine for short-term load forecasting," European Journal of Operational Research, Elsevier, vol. 287(2), pages 497-510.
    7. Yi-Chung Hu, 2023. "Tourism combination forecasting using a dynamic weighting strategy with change-point analysis," Current Issues in Tourism, Taylor & Francis Journals, vol. 26(14), pages 2357-2374, July.
    8. Sehrish Malik & DoHyeun Kim, 2018. "Prediction-Learning Algorithm for Efficient Energy Consumption in Smart Buildings Based on Particle Regeneration and Velocity Boost in Particle Swarm Optimization Neural Networks," Energies, MDPI, vol. 11(5), pages 1-21, May.
    9. Chardy, M. & Costa, M.-C. & Faye, A. & Trampont, M., 2012. "Optimizing splitter and fiber location in a multilevel optical FTTH network," European Journal of Operational Research, Elsevier, vol. 222(3), pages 430-440.
    10. Zhang, Chonghui & Bai, Chen & Su, Weihua & Balezentis, Tomas, 2024. "The centralised data envelopment analysis model integrated with cost information and utility theory for power price setting under carbon peak strategy at the firm-level," Energy, Elsevier, vol. 292(C).
    11. Małgorzata Sztorc, 2022. "The Implementation of the European Green Deal Strategy as a Challenge for Energy Management in the Face of the COVID-19 Pandemic," Energies, MDPI, vol. 15(7), pages 1-21, April.
    12. Alexandru Pîrjan & Simona-Vasilica Oprea & George Căruțașu & Dana-Mihaela Petroșanu & Adela Bâra & Cristina Coculescu, 2017. "Devising Hourly Forecasting Solutions Regarding Electricity Consumption in the Case of Commercial Center Type Consumers," Energies, MDPI, vol. 10(11), pages 1-36, October.
    13. Li, Der-Chiang & Chang, Che-Jung & Chen, Chien-Chih & Chen, Wen-Chih, 2012. "Forecasting short-term electricity consumption using the adaptive grey-based approach—An Asian case," Omega, Elsevier, vol. 40(6), pages 767-773.
    14. Feng, Qianqian & Sun, Xiaolei & Hao, Jun & Li, Jianping, 2021. "Predictability dynamics of multifactor-influenced installed capacity: A perspective of country clustering," Energy, Elsevier, vol. 214(C).
    15. Ye, Li & Yang, Deling & Dang, Yaoguo & Wang, Junjie, 2022. "An enhanced multivariable dynamic time-delay discrete grey forecasting model for predicting China's carbon emissions," Energy, Elsevier, vol. 249(C).
    16. Gautham Krishnadas & Aristides Kiprakis, 2020. "A Machine Learning Pipeline for Demand Response Capacity Scheduling," Energies, MDPI, vol. 13(7), pages 1-25, April.
    17. Alumur, Sibel A. & Kara, Bahar Y. & Karasan, Oya E., 2012. "Multimodal hub location and hub network design," Omega, Elsevier, vol. 40(6), pages 927-939.
    18. Hao Wang & Chen Peng & Bolin Liao & Xinwei Cao & Shuai Li, 2023. "Wind Power Forecasting Based on WaveNet and Multitask Learning," Sustainability, MDPI, vol. 15(14), pages 1-22, July.
    19. Oleksandr Castello & Marina Resta, 2023. "A Machine-Learning-Based Approach for Natural Gas Futures Curve Modeling," Energies, MDPI, vol. 16(12), pages 1-22, June.
    20. Bilgili, Mehmet & Pinar, Engin, 2023. "Gross electricity consumption forecasting using LSTM and SARIMA approaches: A case study of Türkiye," Energy, Elsevier, vol. 284(C).

    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:gam:jforec:v:3:y:2021:i:2:p:16-266:d:528336. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    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.