Prediction of electricity consumption using an innovative deep energy predictor model for enhanced accuracy and efficiency

Abstract

Accurate forecasting of electricity consumption is crucial for efficient energy management and planning. Traditional models often struggle to capture the complex, nonlinear relationships inherent in energy consumption data, leading to less reliable predictions. In the quest to improve the accuracy and efficiency of electricity consumption predictions, we introduce the Deep Energy Predictor Model (DEPM). This innovative hybrid model combines the strengths of XGBoost for classification and Deep Neural Networks (DNN) for deep learning (DL) capabilities. The model leverages advanced feature extraction techniques using Cascaded ResNet, ensuring the capture of intricate patterns within the data. Implemented in Python, the DEPM highlights an impressive accuracy of 98 %, with a precision of 0.97, recall of 0.99, and an F1-score of 0.98, setting a new standard for predictive models in the energy sector. This study elaborates on the model architecture, implementation details, and the evaluation metrics that underscore the model's superior performance. Our results demonstrate the potential of DEPM to significantly enhance the reliability of electricity consumption forecasts, providing a robust tool for energy management and planning.