Forecasting the energy consumption of various household.(Time Series Analysis)
Problem statement : Forecast the electricity consumption of top 3 households with highest number of samples on an hourly basis based on the previous usage pattern. The major features for analysis includes household id, the plans used (standard or dynamic time of use), date, time, meter readings in Kwh and acorn groups.
Model Proposed:
Using ARIMA model, you can forecast a time series using the series past values. ARIMA models have been extensively used for time series prediction showing encouraging results. The predictions of model as a forecast are considered to support users or households in planning electricity management.