Prediction of Energy Consumption Based on Grey Model - GM (1,1)

Abstract

The prediction of energy consumption plays an important role in energy management system of enterprise. This paper presents an algorithm of grey model-GM(1,1) to forecast the energy consumption of enterprise. In this article, the principle of grey prediction is analyzed and grey model- GM(1,1) is established, at the same time, the validation of method is verified by making use of the sampled data of compressed air consumption from steel workshop. The average relative error of grey model-GM(1,1) is no more than 1%. The result shows that grey model-GM(1,1) has higher prediction precision and the trend of energy consumption can be reflected accurately in actual energy consumption forecasting.