Predicting energy consumption is currently a key challenge for the energy industry as a whole. Predicting the consumption in a certain area is massively complicated due to the sudden changes in the way that energy is being consumed and generated at the current point in time. However, this prediction becomes extremely necessary to minimise costs and to enable adjusting (automatically) the production of energy and better balance the load between different energy sources.
Imagine you just moved to your brand-new home and hired your energy provider. They tell you that based on the provided information they will set up a direct debit of €50/month. However, at the end of the year, that prediction was not quite accurate, and you end up paying a settlement amount of €300, or if you are lucky, they give you back some money. Either way, you will probably be disappointed with your energy provider and might consider moving on to another one. Predicting energy consumption is currently a key challenge for the energy industry as a whole.