Energy Consumption Forecasting for Power Supply Companies

Authors

  • Irina A. Firsova
  • Dinara G. Vasbieva
  • Nikolay N. Kosarenko
  • Maria A. Khvatova
  • Lev R. Klebanov

Abstract

The paper investigates an issue of the accuracy of energy consumption forecasts for power supply companies, which are an intermediary between the wholesale energy market and the end user. Therefore, the purchased amount of energy should be equal to the predicted one with the least error. In case of any deviations, there is a problem of unsold amounts of energy or its shortage, which leads to financial losses, as the companies have to purchase or sell excessively the purchased energy at the price that is unprofitable for them in the wholesale market. Planning and monitoring the process of energy distribution are essential to achieving accurate energy consumption forecasting, which is an important component of all measures to optimize energy costs. The application of the statistical methods underlying the mathematical forecast models, which describe the process under study, will allow reducing the time for making managerial decisions and increasing the accuracy of energy consumption forecasts, thereby affecting the cost reduction in the power supply company.Keywords: energy market; energy consumption forecasting; mathematical forecast models; power supply company.JEL Classifications: D24; Q43; M31DOI: https://doi.org/10.32479/ijeep.7238

Downloads

Download data is not yet available.

Downloads

Published

2018-12-07

How to Cite

Firsova, I. A., Vasbieva, D. G., Kosarenko, N. N., Khvatova, M. A., & Klebanov, L. R. (2018). Energy Consumption Forecasting for Power Supply Companies. International Journal of Energy Economics and Policy, 9(1), 1–6. Retrieved from https://econjournals.com.tr/index.php/ijeep/article/view/7238

Issue

Vol. 9 No. 1 (2019)

Section

Articles

License

Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.