Time Series Analysis of Fossil Fuels Consumption in Slovakia by Arima Model

Abstract According to the Green Deal, carbon neutrality of European Union (EU) should be reached partly by transition from fossil fuels alternative renewable sources. However, still play an essential role in energy production, and are widely used world with no completely replaced with, so far. In recent years, we have observed rapidly growing prices commodities such as oil or gas. The analysis past consumption might contribute significantly responsible formulation policy each country, reflected policies related organisations industrial sector. Over a number papers been published on modelling production sources level national economics, sectors households, exploiting comparing variety approaches. this paper, model (gas coal) Slovakia based annual data during years 1965–2020. To our knowledge, model, which analyses historical provides forecasts for future gas coal, respectively, Slovakia, is currently available literature. For building Box–Jenkins methodology. Because presence trend data, considered autoregressive integrated moving average (ARIMA (p,d,q)) model. By fitting models various combinations parameters p, d, q, best has chosen value Akaike’s information criterion. this, coal ARIMA(0, 2, 1) it ARIMA(2, 2).