Th e article deals with the issues of forecasting one of the most important elements of modern economies, which is electricity. Th e size of its production must be properly predicted and it should be technically possible and profi table from the economic point of view. Th e most frequently used forecasting models in literature are ARIMA and exponential smoothing. However, these models have a major disadvantage as they do not allow forecasting the series with double seasonality and periods of non-integer values. Th e authors of this article, on the example of data on maximum energy demand, presented an application of one of the latest forecasting models TBATS, which is devoid of this disadvantage. Using this model, the article presents forecasts for the year ahead with information on power consumption for each day, showing that long-term planning without losing details is possible. With such information energy producers are able to optimize production and the economic side of their business overall.
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Brożyna et al. (2016) studied this question.