Data Intelligence, Business Analytics
I am using demand (MW) data and want to take out the weather component from my demand (MW). Any suggestions on a relatively simple way to do this?
On a side note I need this so I can figure out when demand(MW) on a weekend( Saturday, Sunday) will take over demand(MW) on a weekday( Mon-Fri).
If anyone has experience in this I would appreciate it, it's been challenging to model this.
I've been doing weather normalization of gas consumption for about 2 years now. And wonder if there's a way to provide a confidence interval for weather corrected consumption?
This is my concearn:
Let's say a simple equation:
Climat Correction (CC)=Cref-Chat:
How to provide confidence interval for something that has error term? I've looked through some studies but I have not found Conf. Intervals for weather correction. Have you done it before?