Relation Between Electricity Demand Forecasting and Economic Indicators

Abstract

People's energy consumption patterns have changed because of global warming and the regular occurrence of extreme heat waves, which has a big impact on the amount of electricity consumed. Precise predictions of electricity usage can offer empirical backing for enhancing the power supply service's capability. The goal of the study is to determine the degree of correlation and causality between variations in power usage patterns and housing market indicators. To this end, advanced predictive models and statistical analyses are used. To shed light on the complex relationships that exist between energy demand and the larger economic environment, the research explores potential interdependencies and feedback loops between electricity consumption forecasts and economic metrics. These insights are useful for energy planning, policy-making, and economic forecasting.