8,784 research outputs found
Long-Term Load Forecasting Considering Volatility Using Multiplicative Error Model
Long-term load forecasting plays a vital role for utilities and planners in
terms of grid development and expansion planning. An overestimate of long-term
electricity load will result in substantial wasted investment in the
construction of excess power facilities, while an underestimate of future load
will result in insufficient generation and unmet demand. This paper presents
first-of-its-kind approach to use multiplicative error model (MEM) in
forecasting load for long-term horizon. MEM originates from the structure of
autoregressive conditional heteroscedasticity (ARCH) model where conditional
variance is dynamically parameterized and it multiplicatively interacts with an
innovation term of time-series. Historical load data, accessed from a U.S.
regional transmission operator, and recession data for years 1993-2016 is used
in this study. The superiority of considering volatility is proven by
out-of-sample forecast results as well as directional accuracy during the great
economic recession of 2008. To incorporate future volatility, backtesting of
MEM model is performed. Two performance indicators used to assess the proposed
model are mean absolute percentage error (for both in-sample model fit and
out-of-sample forecasts) and directional accuracy.Comment: 19 pages, 11 figures, 3 table
Development of Neurofuzzy Architectures for Electricity Price Forecasting
In 20th century, many countries have liberalized their electricity market. This power markets liberalization has directed generation companies as well as wholesale buyers to undertake a greater intense risk exposure compared to the old centralized framework. In this framework, electricity price prediction has become crucial for any market player in their decisionâmaking process as well as strategic planning. In this study, a prototype asymmetricâbased neuroâfuzzy network (AGFINN) architecture has been implemented for shortâterm electricity prices forecasting for ISO New England market. AGFINN framework has been designed through two different defuzzification schemes. Fuzzy clustering has been explored as an initial step for defining the fuzzy rules while an asymmetric Gaussian membership function has been utilized in the fuzzification part of the model. Results related to the minimum and maximum electricity prices for ISO New England, emphasize the superiority of the proposed model over wellâestablished learningâbased models
Prediction in Photovoltaic Power by Neural Networks
The ability to forecast the power produced by renewable energy plants in the short and middle term is a key issue to allow a high-level penetration of the distributed generation into the grid infrastructure. Forecasting energy production is mandatory for dispatching and distribution issues, at the transmission system operator level, as well as the electrical distributor and power system operator levels. In this paper, we present three techniques based on neural and fuzzy neural networks, namely the radial basis function, the adaptive neuro-fuzzy inference system and the higher-order neuro-fuzzy inference system, which are well suited to predict data sequences stemming from real-world applications. The preliminary results concerning the prediction of the power generated by a large-scale photovoltaic plant in Italy confirm the reliability and accuracy of the proposed approaches
An Integrated Multi-Time-Scale Modeling for Solar Irradiance Forecasting Using Deep Learning
For short-term solar irradiance forecasting, the traditional point
forecasting methods are rendered less useful due to the non-stationary
characteristic of solar power. The amount of operating reserves required to
maintain reliable operation of the electric grid rises due to the variability
of solar energy. The higher the uncertainty in the generation, the greater the
operating-reserve requirements, which translates to an increased cost of
operation. In this research work, we propose a unified architecture for
multi-time-scale predictions for intra-day solar irradiance forecasting using
recurrent neural networks (RNN) and long-short-term memory networks (LSTMs).
This paper also lays out a framework for extending this modeling approach to
intra-hour forecasting horizons thus, making it a multi-time-horizon
forecasting approach, capable of predicting intra-hour as well as intra-day
solar irradiance. We develop an end-to-end pipeline to effectuate the proposed
architecture. The performance of the prediction model is tested and validated
by the methodical implementation. The robustness of the approach is
demonstrated with case studies conducted for geographically scattered sites
across the United States. The predictions demonstrate that our proposed unified
architecture-based approach is effective for multi-time-scale solar forecasts
and achieves a lower root-mean-square prediction error when benchmarked against
the best-performing methods documented in the literature that use separate
models for each time-scale during the day. Our proposed method results in a
71.5% reduction in the mean RMSE averaged across all the test sites compared to
the ML-based best-performing method reported in the literature. Additionally,
the proposed method enables multi-time-horizon forecasts with real-time inputs,
which have a significant potential for practical industry applications in the
evolving grid.Comment: 19 pages, 12 figures, 3 tables, under review for journal submissio
- âŠ