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New R Package for Electricity Forecasting

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New R Package for Electricity Forecasting

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Shu Fan and I have developed a model for electricity demand forecasting that is now widely used in Australia for long-term forecasting of peak electricity demand. It has become known as the “Monash Electricity Forecasting Model”. We have decided to release an R package that implements our model so that other people can easily use it. The package is called “MEFM” and is available on github. We will probably also put in on CRAN eventually.

The model was first described in Hyndman and Fan (2010). We are continually improving it, and the latest version is decribed in the model documentation which will be updated from time to time.

The package is being released under a GPL licence, so anyone can use it. All we ask is that our work is properly cited.

Naturally, we are not able to provide free technical support, although we welcome bug reports. We are available to undertake paid consulting work in electricity forecasting.

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