Correlation Analysis for Identifying the Effective Factors in Predicting Industrial Electricity Energy Consumption

Abstract

This paper plans to make a statistical analysis that focuses on forecasting electric power consumption of few industries from Ahmednagar city. The investigation regarding the energy consumption is mainly directed to three main categories like (i) Energy policy (ii) Production of Green and Non-Green products, and (iii) Production of FMCG and Non-FMCG products. In fact, the proposed methodology is carried out in three phases. The first phase initiates with preparing questionnaire that clearly addresses the effect of the aforementioned drives on various industries. The records mentioned in the questionnaire are closely related to the industries from Ahmednagar city. In the second phase, the prepared questionnaire is distributed to the industries of Ahmednagar city. The responses from the concerned industries related to power management are taken for analysis purpose. In this paper, the analysis is done based on higher-order statistical analysis that mainly focuses on correlation coefficients. Thereby, determining the correlation between different factors helps to arrive at a conclusion regarding the dependencies of various factors in the power consumption of industries in Ahmednagar city