Forecasting electricity consumption in New Zealand using economic and demographic variables
The influence of selected economic and demographic variables on the annual electricity consumption in New Zealand has been investigated. The study uses gross domestic product, average price of electricity and population of New Zealand during the period 1965–1999. Models are developed using multiple linear regression analysis. It was found that the electricity consumption correlated effectively with all variables. Forecasts made using these models were compared with some available national forecasts. The forecasts are also compared with the forecasts of the previously developed Logistic model.