Long-Term Electrical Energy Forecasting of the Residential Sector Using the LSTM Model: The Italian Use Case

Abstract

Electricity consumption plays a vital role in people’s lives and the economic development of countries and regions. This study aims to provide an in-depth understanding of residential electricity consumption trends in Italy and propose a Long ShortTerm Memory (LSTM) model for long-term load forecasting. Statistical electricity consumption data for Italy were obtained from the International Energy Agency for the period 19902020. The results indicate a fluctuating trend in Italy’s Total Electricity Consumption, with the residential sector experiencing a decline over the last decade. To address this challenge, an LSTM model is proposed for accurate long-term load forecasting of Italy’s total electricity consumption. The model is designed to capture complex temporal patterns, allowing for better planning and management of the country’s electricity infrastructure. This paper highlights the significance of the residential sector in shaping Italy’s electricity consumption patterns and demonstrates the potential of LSTM models in providing reliable and effective load forecasts for decision-makers and stakeholders.