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Electrical Engineering

Forecasting of electricity consumption in Pakistan based on integrating machine learning algorithms and Monte Carlo simulation

  • 02-01-2025
  • Original Paper
Published in:
Authors
Muhammad Umair Nazir
Jinchao Li
Published in
Electrical Engineering | Issue 6/2025

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Abstract

The study presents a comprehensive methodology for forecasting electricity consumption in Pakistan by integrating neural network models like LSTM and traditional regression techniques such as SARIMA. It evaluates these models using five key accuracy metrics and enhances prediction precision through Monte Carlo simulation. The research highlights the importance of considering various influencing factors like GDP, population, industry efficiency, and average temperature. By addressing the limitations of past studies, this approach offers a more reliable framework for predicting electricity demand, crucial for managing energy resources and policy planning in Pakistan.
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Title
Forecasting of electricity consumption in Pakistan based on integrating machine learning algorithms and Monte Carlo simulation
Authors
Muhammad Umair Nazir
Jinchao Li
Publication date
02-01-2025
Publisher
Springer Berlin Heidelberg
Published in
Electrical Engineering / Issue 6/2025
Print ISSN: 0948-7921
Electronic ISSN: 1432-0487
DOI
https://doi.org/10.1007/s00202-024-02923-6
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