• Home
  • Search
  • Forecasting electricity consumption using the Principal Component Analysis method
  • Cite Icon3
  • https://doi.org/10.18799/24131830/2024/12/4731Copy DOI Icon

Forecasting electricity consumption using the Principal Component Analysis method

Show More
  • Abstract
  • Literature Map
  • References
  • Citations
  • Similar Papers
Abstract

Relevance. The need for accurate forecasting of electricity consumption to improve efficiency and reduce costs at industrial enterprises, which leads to increased competitiveness of goods manufactured by the enterprise. Traditional forecasting methods often do not take into account complex interactions between various factors affecting energy consumption and do not provide the necessary forecast accuracy. The principal component analysis method offers a promising prospect – reducing the volume of processed data (dimensionality) without significant loss of information, which simplifies forecast models while maintaining their accuracy. Aim. To develop an accurate and efficient model for forecasting electricity consumption at industrial enterprises using the principal component analysis method. This model is aimed at eliminating the limitations of traditional forecasting approaches by reducing data dimensionality and increasing the accuracy of predictions, which ultimately improves the efficiency of electricity consumption and reduces financial costs, including those due to forecasting errors. Methods. The principal component analysis method, which allows us to reduce the volume of processed data (dimensionality) by transforming a large set of correlated variables into a smaller set of uncorrelated principal components. The study included the following stages: data import and factor analysis, correlation matrix construction, analysis of selected and accumulated variances for each factor, factor loading matrix construction, dimension reduction, development of a mathematical model using linear regression, and forecast installation and validation. Results. The application of the principal component analysis method allowed us to create a model for forecasting electricity consumption. Its application showed that the first principal component explains 69.65% of the total variance, the second component – ​​17.28%, i. e. together they explain almost 87% of the variance. The developed model provides good agreement between the actual and forecast values ​​of electricity consumption in several time intervals with an average error level within the range of +3 to –5%. This indicates the suitability of the model for forecasting electricity consumption, although some discrepancies indicate the need for its further improvement.

Similar Papers
  • Research Article
  • Citations4

Разработка гибридной модели прогнозирования потребления электрической энергии для горно-металлургического предприятия

  • Sep 30, 2022
  • Sustainable Development of Mountain Territories
  • Svetlana Vyalkova +2
  • Research Article
  • Citations1

Application of The Combined Method in Inventory Forecasting Electricity at PT PLN (Persero) ULP Sibuhuan

  • Dec 19, 2022
  • International Journal of Engineering Science and Information Technology
  • Aminulsyah Nasution +2
  • PDF
  • Research Article
  • Citations10

Electricity consumption characteristics and prediction model of a large airport terminal in Beijing

  • Aug 16, 2023
  • City and Built Environment
  • Yi Yang +4
  • Research Article
  • Citations29

Forecasting electricity consumption by LSTM neural network

  • Dec 27, 2023
  • Bulletin of the Tomsk Polytechnic University Geo Assets Engineering
  • Vasily Ya Ushakov +3
  • Conference Article
  • Citations2

Electricity Consumption Forecasting Using Extreme Learning Machine With The Generalized Maximum Correntropy

  • Oct 22, 2021
  • Jiandong Duan +5
  • Research Article

МЕТОД ГЛАВНЫХ КОМПОНЕНТ ДЛЯ РАНЖИРОВАНИЯ ОБЪЕКТОВ РАЗРАБОТКИ НЕФТЯНЫХ МЕСТОРОЖДЕНИЙ

  • Jan 01, 2016
  • НАУЧНО-ТЕХНИЧЕСКИЙ ЖУРНАЛ «ПРОБЛЕМЫ СБОРА, ПОДГОТОВКИ И ТРАНСПОРТА НЕФТИ И НЕФТЕПРОДУКТОВ»
  • F A Ikhsanova +4
  • PDF
  • Research Article

Research on the enhancement path of talent cultivation in the integration of dual-creation education and professional education for teacher training majors in colleges and universities based on multivariate statistical analysis

  • Dec 02, 2023
  • Applied Mathematics and Nonlinear Sciences
  • Heyuan Ma +2
  • Research Article
  • Citations8

Long short-term memory network-based wastewater quality prediction model with sparrow search algorithm

  • Apr 27, 2023
  • International Journal of Wavelets, Multiresolution and Information Processing
  • Guobin Li +7
  • Research Article
  • Citations8

Stall characteristics analyses and stall lift robustness inverse design for high-lift devices of a wide-body commercial aircraft

  • Feb 11, 2021
  • Aerospace Science and Technology
  • Jun Tao +2
  • Conference Article

Application of Principal Component Analysis with High-Order Truncated Gradient Ascent Method in Data Dimension Reduction

  • Dec 01, 2019
  • Qi-Fei Ge +4
  • Conference Article
  • Citations2

Comparative Research on Electricity Consumption Forecast Based on Deep Learning

  • Jun 01, 2021
  • Qian Gao +3
  • Book Chapter
  • Citations1

Reduction of the Multivariate Input Dimension Using Principal Component Analysis

  • Jan 01, 2006
  • Jianhui Xi +1
  • Research Article
  • Citations10

Incorporating the effects of hike in energy prices into energy consumption forecasting: a fuzzy expert system

  • Dec 22, 2012
  • Neural Computing and Applications
  • V Majazi Dalfard +4
  • Research Article
  • Citations52

User behaviour models to forecast electricity consumption of residential customers based on smart metering data

  • Mar 15, 2022
  • Energy Reports
  • Florencia Lazzari +6
  • Research Article
  • Citations1

Short-term residential electricity consumption forecast considering the cumulative effect of temperature, dual decomposition technology and integrated deep learning

  • Jul 11, 2025
  • Energy Informatics
  • Lanlan Wang +5
Cactus Communications logo

Copyright 2026 Cactus Communications. All rights reserved.