Electricity consumption forecasting using Nonlinear Autoregressive with External (Exogeneous) input neural network

Forecasting is prediction of future values based on historical data. Electricity consumption forecasting is crucial for utility company to plan for future power system generation. Even though there are previous works of electricity consumption forecasting using Artificial Neural Network (ANN), but most of their data is multivariate data. In this study, we have only univariate data of electricity consumption from January 2009 to December 2018 and wish to do a prediction for a year ahead. On top of that, our data consist of autoregressive component, hence Nonlinear Autoregressive with External (Exogeneous) Input (NARX) Neural Network Time Series from Matlab R2018b was used. It gives the mean absolute percentage error (MAPE) between actual and predicted electricity consumption of 1.38%