Forecasting a series with multiseasonality components – a case study

One of the main advantages of the regression model, as opposed to the traditional time series models such as ARIMA or Holt-Winters, is that it provides a wide range of customization options and allows us to model and forecast complex time series data such as series with multiseasonality.

In the following examples, we will use the UKgrid series to demonstrate the forecasting approach of a multiseasonality series with a linear regression model.

The UKgrid series

The UKgrid series represents the national grid demand for electricity in the UK, and it is available in the UKgrid package. This series represents a high-frequency time series data with half...