Energy consumption modelling using socio-economic indicators: Evidence from the BRICS-T countries

Synopsis An outlook on energy consumption in the BRICS-T countries is presented, using statistical models based on multiple regression analysis to predict the future energy consumption. The accuracy and prediction capabilities of the proposed models were verified by various statistical tests, and the most significant variables that affect the energy consumption according to the proposed models determined. Energy consumption of the BRICS-T countries is forecast for the next 5, 10, 15, and 20 years. The most significant variable statistically affecting the energy consumption of South Africa, India, and China is determined as the total population, while the urban population and gross domestic product per capita are the most significant variables for Brazil, Turkey, and the Russian Federation. The forecasting results show that the energy consumption of BRICS-T countries will increase significantly in the future.