Modelling and predicting electricity consumption in Spain using the stochastic Gamma diffusion process with exogenous factors

The aim of this study is to model electric power consumption during a period of economic crisis, characterised by declining gross domestic product. A novel aspect of this study is its use of a Gamma-type diffusion process for short and medium-term forecasting – other techniques that have been used to describe such consumption patterns are not valid in this situation.

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