Predicting Building Energy Consumption from Electricity Meters Using Prophet: A Computational Study with Nested Cross-Validation on Benchmark Time Series Data

In this study, we investigate the application of Prophet, an open-source forecasting tool, to predict electricity energy consumption using a substantial benchmark dataset. The considered benchmark dataset includes time series data from electricity meters in hourly resolution from 200 buildings. Accurate energy usage prediction is essential for efficient energy management and sustainability. Our computational analysis showcases the capabilities and limitations of Prophet in capturing the intricate patterns in energy consumption data. Through a comprehensive evaluation employing nested cross-validation for time series, we highlight the model’s performance.