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This paper discussed an improved gray forecasting model for electric power construction project engineering cost forecasting. A method of time response function optimization is proposed, namely using constraint condition of minimum Euclidean distance of original sequence and simulation value to determine the constant C, build time response function optimization grey forecasting model, and then make better use of the original message. Apply the improved model to forecast the main engineering cost index of electric power construction. Compare this grey forecasting method with regression forecasting method, the results show that improved model has higher prediction accuracy and the effect of actual application is better than before.