Forecasting of Electricity Load And Management For Specific Locality

Forecasting electricity consumption provides us with a number of insights that we can use to make better use of it. The paper has predicted the amount of energy to be consumed in the state of Victoria in Australia. The prediction is made based on the data of energy consumption in the state for 2016 days, almost equal to five and a half years. The prediction of energy consumed helps in the strategic management of electricity in different ways, such as the production of energy based on the requirement from the prediction analysis and also the distribution flow of the energy/electricity in the regions where the requirement is greater. The paper comes up with a system that helps manage electricity generation by forecasting the electricity consumption in a selected region using neural prophet and fbprophet models along with hyperparameters, which play a crucial factor in forecasting, with the help of GridSearchCV for identifying the best hyperparameters and tuning for forecasting the values of electricity. The generation of the exact amount of electricity that is consumed without excess and lack of electricity, best manages electricity in the locality.