Research on the Forecasting of Electricity Demand in India State Maharashtra

Abstract

This study centers on forecasting the electricity demand in the Indian state of Maharashtra. In the context of rapid technological and economic development, the demand for basic raw materials and energy is on the rise. Moreover, the conflict between Russia and Ukraine has imposed supply constraints, making the prediction of electricity demand of utmost importance. Various approaches have been utilized in this field; however, existing studies often lack specificity and tend to be overly general. This research employs time series analysis, sourcing data from POSOCO. The ARIMA model is selected, and its parameters are determined through multiple rounds of testing. The results demonstrate that the ARIMA (1,0,1) model effectively fits the data, offering valuable insights. Overall, this study presents short-term forecasting and emphasizes the necessity of conducting specific and comprehensive analysis for the Intelligent Power System. Such analysis is crucial for optimizing power generation, distribution, and consumption, ensuring the stability and reliability of the power supply in Maharashtra. It also provides a foundation for decision-making in power system planning and management, enabling stakeholders to make informed choices regarding infrastructure investment and resource allocation. Additionally, the study's findings can contribute to the development of more efficient energy policies and strategies, promoting sustainable economic growth and social development in the region.