Modelling Energy Consumption of the Republic of Serbia using Linear Regression and Artificial Neural Network Technique

Abstract

The objectives of the study are twofold. First, we aim to examine the most influential socio-economic indicators to explain energy consumption in Republic of Serbia. The second objective is to develop models that are able to predict the future energy consumption in the Republic of Serbia. This could be the first important step towards proper energy management in the country. Several potential socio-economic indicators are selected to be the independent variables. Regression analysis is conducted to select the most relevant independent variables as well as building the multiple linear regression (MLR) models. In addition, an artificial neural networks (ANN) model is developed as a comparison. Finally, the energy demand is projected to the year 2022. It is found that both models show the declining trend with respect to the current level of energy consumption.

Enerji Tüketim Tahmini İçin Farklı Regresyon Algoritmalarının Analizi

“…(Jung, Kim, and Heo 2015) developed a least squares support vector machine to determine the energy consumed daily. (Protić, Fathurrahman, and Raos 2019) developed a mathematical model to determine future energy consumption based on energy data used in the Republic of Serbia. These developed models are compared with the artificial neural network model.…”