Energy Consumption forecasting using ARIMA and LSTM model:

Electricity consumption has increased exponentially during the past few

decades. This increase is heavily burdening the electricity distributors.
Therefore, predicting the future demand for electricity consumption
will provide an upper hand to the electricity distributor. Predicting
electricity consumption requires many parameters. Forecasting time
series data is an important subject in economics, business, and finance.
Traditionally, there are several techniques to effectively forecast the
next lag of time-series data such as univariate Autoregressive (AR),
univariate Moving Average (MA), Simple Exponential Smoothing (SES),
and more notably Autoregressive Integrated Moving Average (ARIMA)
and similar things which can be researched with its many variations.
With the recent advancement in computational power of computers
and more importantly development of more advanced machine
learning algorithms and approaches such as deep learning, new
algorithms are developed to analyze and forecast time series data. We
can apply two approaches with one using a Recurrent Auto Regressive
Integrated Moving Average (ANIMA) and another one using a Long
Short-Term Memory (LSTM) network, which only considers the
previous electricity consumption to predict the future electricity
consumption. These models can be tested on the publicly available
datasets. To assess the applicability of the ARIMA and the LSTM
network to predict the electricity consumption, they can be tested to
predict for an individual house and a block of houses for a given time
period.