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Practical Machine Learning Cookbook by Atul Tripathi

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Chapter 14. Case Study - Forecast of Electricity Consumption

Introduction

Electricity is the only commodity that is produced and consumed simultaneously; therefore, a perfect balance between supply and consumption in the electricity power market must always be maintained. Forecasting electricity consumption is of national interest to any country since electricity is a key source of energy. A reliable forecast of energy consumption, production, and distribution meets the stable and long-term policy. The presence of economies of scale, focus on environmental concerns, regulatory requirements, and a favorable public image, coupled with inflation, rapidly rising energy prices, the emergence of alternative fuels and technologies, changes in life styles, ...

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