Hong [14] suggested the utilization of a support vector model (SVM) as an alternative to an ANN
for forecasting electric consumption. According to the empirical study, the performance of SVM was
superior to other methods, regression and ANN models. Ekonomou [15] compared the ability to
predict the Greek-long term energy consumption of these three methods: ANN, regression and SVM.
The results indicated that both ANN and SVM were able to forecast the consumption with great
accuracy. Pappas, Ekonomou, Karamousantas, Chatzarakis, Katsikas and Liatsis [16] introduced the
utilization of traditional methodology, i.e., an ARIMA model, to predict the electricity demand.
Different ARIMA models were selected and the criteria (Akaike Information Criterion: AIC and
Bayesian Information Criterion: BIC) were utilized to justify the most appropriate one.