Optimized multivariate grey forecasting model for predicting electricity consumption: A China study
What is it about?
Regarding the short-term trends of electricity consumption in China, this study established an optimized multivariate grey forecasting model with variable background values (OGM(1, N) model) to forecast the electricity consumption level in China. The established model could be converted into the GM(1, N) model and different variant models by adjusting the model parameters. With Beijing, Tianjin and Shanghai as examples, the OGM(1, N) model is compared to the GM(1, N) model and its variant model. The excellent prediction results confirm the feasibility of the proposed model. Then, the proposed model is applied to study China's electricity consumption.
Why is it important?
The power industry has significantly contributed to the prosperity of the national economy, and accurate prediction can reflect the development trend of the power system and power market. The short-term electricity consumption of a country exhibits both annual growth certainty and random change uncertainty, which can be suitably considered with the grey forecasting model.