Electricity Demand Forecasting for Turkey

Abstract

Forecasting demand for products and services accurately provides competitive advantage to companies. This capstone project focuses on electricity demand forecasting for Turkey. Since energy storage is not yet a viable option, generated electricity is consumed simultaneously; and this fact exposes the importance of electricity demand forecast. Main aims of this project are to perform exploratory data analysis of the Turkish power market and apply machine learning algorithms to forecast electricity demand. Turkey’s electricity demand is predicted using real-life data obtained for years between 2017 and 2018. The results show that electricity demand can be modeled using machine learning algorithms, and the models can be used to predict future electricity demand.