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Univariate forecasting of day-ahead hourly electricity demand in the northern grid of India

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  • Sajal Ghosh

Abstract

Short-term electricity demand forecasts (minutes to several hours ahead) have become increasingly important since the rise of the competitive energy markets. The issue is particularly important for India as it has recently set up a power exchange (PX), which has been operating on day-ahead hourly basis. In this study, an attempt has been made to forecast day-ahead hourly demand of electricity in the northern grid of India using univariate time-series forecasting techniques namely multiplicative seasonal ARIMA and Holt-Winters multiplicative exponential smoothing (ES). In-sample forecasts reveal that ARIMA models, except in one case, outperform ES models in terms of lower RMSE, MAE and MAPE criteria. We may conclude that linear time-series models works well to explain day-ahead hourly demand forecasts in the northern grid of India. The findings of the study will immensely help the players in the upcoming power market in India.

Suggested Citation

  • 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.
    • Handle: RePEc:ids:ijicbm:v:2:y:2009:i:6:p:625-637
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    Cited by:

    1. 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).
    2. 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.

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