Time Series Forecasting Models for Energy Consumption Prediction in Smart Grids

Abstract

Background of the study

In the modern era of technological advancement, incorporating smart grids has completely changed how energy is delivered and managed. Smart grids efficiently monitor, control, and optimize power flow by utilizing cutting-edge communication technology and real-time data.

Predicting energy consumption is a crucial component of smart grid management since it helps utilities make educated choices about demand-side management, generation, and distribution (Syed et al., 2021).

Time series forecasting models are essential in this field because they can accurately predict trends of future energy usage. This work aims to investigate and assess different time series forecasting models for smart grid energy consumption prediction.