Bayesian Optimization Algorithm-Based Statistical and Machine Learning Approaches for Forecasting Short-Term Electricity Demand

This article focuses on developing both statistical and machine learning approaches for forecasting hourly electricity demand in Ontario. The novelties of this study include (i) identifying essential factors that have a significant effect on electricity consumption, (ii) the execution of a Bayesian optimization algorithm (BOA) to optimize the model hyperparameters, (iii) hybridizing the BOA with the seasonal autoregressive integrated moving average with exogenous inputs (SARIMAX) and nonlinear autoregressive networks with exogenous input (NARX) for modeling separately short-term electricity demand for the first time, (iv) comparing the model’s performance using several performance indicators and computing efficiency, and (v) validation of the model performance using unseen data. Six features (viz., snow depth, cloud cover, precipitation, temperature, irradiance toa, and irradiance surface) were found to be significant. The Mean Absolute Percentage Error (MAPE) of five consecutive weekdays for all seasons in the hybrid BOA-NARX is obtained at about 3%, while a remarkable variation is observed in the hybrid BOA-SARIMAX. BOA-NARX provides an overall steady Relative Error (RE) in all seasons (1~6.56%), while BOA-SARIMAX provides unstable results (Fall: 0.73~2.98%; Summer: 8.41~14.44%). The coefficient of determination (R2) values for both models are >0.96. Overall results indicate that both models perform well; however, the hybrid BOA-NARX reveals a stable ability to handle the day-ahead electricity load forecasts

Forecasting Long-Term Electricity Consumption in Saudi Arabia Based on Statistical and Machine Learning Algorithms to Enhance Electric Power Supply Management

This study aims to develop statistical and machine learning methodologies for forecasting yearly electricity consumption in Saudi Arabia. The novelty of this study include (i) determining significant features that have a considerable influence on electricity consumption, (ii) utilizing a Bayesian optimization algorithm (BOA) to enhance the model’s hyperparameters, (iii) hybridizing the BOA with the machine learning algorithms, viz., support vector regression (SVR) and nonlinear autoregressive networks with exogenous inputs (NARX), for modeling individually the long-term electricity consumption, (iv) comparing their performances with the widely used classical time-series algorithm autoregressive integrated moving average with exogenous inputs (ARIMAX) with regard to the accuracy, computational efficiency, and generalizability, and (v) forecasting future yearly electricity consumption and validation. The population, gross domestic product (GDP), imports, and refined oil products were observed to be significant with the total yearly electricity consumption in Saudi Arabia. The coefficient of determination R2 values for all the developed models are >0.98, indicating an excellent fit of the models with historical data. However, among all three proposed models, the BOA–NARX has the best performance, improving the forecasting accuracy (root mean square error (RMSE)) by 71% and 80% compared to the ARIMAX and BOA–SVR models, respectively. The overall results of this study confirm the higher accuracy and reliability of the proposed methods in total electricity consumption forecasting that can be used by power system operators to more accurately forecast electricity consumption to ensure the sustainability of electric energy. This study can also provide significant guidance and helpful insights for researchers to enhance their understanding of crucial research, emerging trends, and new developments in future energy studies

Bayesian-Optimization-Based Long Short-Term Memory (LSTM) Super Learner Approach for Modeling Long-Term Electricity Consumption

This study utilized different methods, namely classical multiple linear regression (MLR), statistical approach exponential smoothing (EXPS), and deep learning algorithm long short-term memory (LSTM) to forecast long-term electricity consumption in the Kingdom of Saudi Arabia. The originality of this research lies in (1) specifying exogenous variables that significantly affect electrical consumption; (2) utilizing the Bayesian optimization algorithm (BOA) to develop individual super learner BOA-LSTM models for forecasting the residential and total long-term electric energy consumption; (3) measuring forecasting performances of the proposed super learner models with classical and statistical models, viz. MLR and EXPS, by employing the broadly used evaluation measures regarding the computational efficiency, model accuracy, and generalizability; and finally (4) estimating forthcoming yearly electric energy consumption and validation. Population, gross domestic products, imports, and refined oil products significantly impact residential and total annual electricity consumption. The coefficient of determination (R2) for all the proposed models is greater than 0.93, representing an outstanding fitting of the models with historical data. Moreover, the developed BOA-LSTM models have the best performance with R2>0.99, enhancing the predicting accuracy (Mean Absolute Percentage Error (MAPE)) by 59.6% and 54.8% compared to the MLR and EXPS models, respectively, of total annual electricity consumption. This forecasting accuracy in residential electricity consumption for the BOA-LSTM model is improved by 62.7% and 68.9% compared to the MLR and EXPS models. This study achieved a higher accuracy and consistency of the proposed super learner model in long-term electricity forecasting, which can be utilized in energy strategy management to secure the sustainability of electric energy