Optimization of industrial energy consumption for sustainability using time-series regression and gradient descent algorithm based on historical electricity consumption data

Optimizing electricity consumption to minimize wastage and reduce cost is a major challenge in many industries. This is because, in many cases, the effect of the independent variables contributing to the total electricity consumption and cost are latent. The purpose of this study is to apply numerical techniques to identify and optimize these independent variables in order to improve sustainable energy management in industries to minimize wastage. Regression analysis was first applied to identify and decouple the independent variables to determine their individual effects on electricity consumption and cost. A cost function called the Mean Square Error (MSE) was then used to optimize these independent variables using gradient descent algorithm (GDA). In a case study, the developed approach that combines time series regression analysis with gradient descent optimization was used to analyze the electricity …