Application of Short-Term Time Series Forecasting of Power Consumption

Accurate and reliable power consumption forecasting is essential in the business strategies of power companies, not only in the long term but also in the short term. This paper proposes a forecasting method using a multiplicative model and analyzing time series components which can be applied to forecast the power consumption of Vietnam Electricity (EVN) in the short term. The method is practically integrated into short-term forecasting monthly power consumption in 2023 (total power consumption is 24369.43 million kWh, which peaks in July at 2538.08 million kWh), and the total power consumption in 2024 of Hanoi Electricity Company (25603.62 million kWh, increased 10,67% compared with 2022).