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An essential element of electric utility resource planning is forecasting the annual electricity consumption for the long term. This study includes an approach to understand the factors affecting annual electricity demand and forecast future electricity consumption, by using multivariate regression analysis in its calculations, for Malaysia. The process of study is to develop a statistical model and testing it by using past year data to understand its accuracy. After obtaining the most reliable model, forecasting the electricity consumption for the long term future electricity demand is performed. The scenario is developed by means of economical conditions and how the variables are going to be changed in the following years. The model yields very satisfactory results and the range of electricity consumption is obtained.