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How to Predict Energy Consumption in BRICS Countries?

Authors: Atif Maqbool Khan; Magdalena Osińska;

How to Predict Energy Consumption in BRICS Countries?

Abstract

Brazil, Russia, China, India, and the Republic of South Africa (BRICS) represent developing economies facing different energy and economic development challenges. The current study aims to predict energy consumption in BRICS at aggregate and disaggregate levels using the annual time series data set from 1992 to 2019 and to compare results obtained from a set of models. The time-series data are from the British Petroleum (BP-2019) Statistical Review of World Energy. The forecasting methodology bases on a novel Fractional-order Grey Model (FGM) with different order parameters. This study contributes to the literature by comparing the forecasting accuracy and the predictive ability of the FGM1,1 with traditional ones, like standard GM1,1 and ARIMA1,1,1 models. Moreover, it illustrates the view of BRICS’s nexus of energy consumption at aggregate and disaggregates levels using the latest available data set, which will provide a reliable and broader perspective. The Diebold-Mariano test results confirmed the equal predictive ability of FGM1,1 for a specific range of order parameters and the ARIMA1,1,1 model and the usefulness of both approaches for energy consumption efficient forecasting.

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Keywords

Technology, T, energy consumption; BRICS; GM (1, 1), fractional-order; GREY; forecasting accuracy, energy consumption, BRICS, forecasting accuracy, GM (1, 1), fractional-order, GREY

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    This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
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    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
19
Top 10%
Top 10%
Top 10%
gold