Electricity-supply planning requires optimizing decisions on
hourly consumption for the next day and effective power system.
Correspondingly, the power system operator is responsible
for scheduling generators and balancing the power supply
and consumption [1]. Electricity consumption reflects the
degree of economic development in a country, and much
evidence supports a causal relationship between economic
growth and energy consumption [2–10]. To promote economic
growth and fulfill power requirements in the future,
electricity consumption forecasting has become a challenging
task for electric utilities. Accurate electricity consumption
forecasts can aid power generators in scheduling their power
station operations to match the installed capacity [11]. Moreover,
accurate forecasts are also a prerequisite for decision
makers to develop an optimal strategy that includes risk