A New Hybrid Model for Short-Term Electricity Load Forecasting

Abstract

Nowadays electricity load forecasting is important to further minimize the cost of day-ahead energy market. Load forecasting can help utility operators for the efficient management of a demand response program. Forecasting of electricity load demand with higher accuracy and efficiency can help utility operators to design reasonable operational planning of generation units. But solving the problem of load forecasting is a challenging task since electricity load is affected by previous history load, several exogenous external factors (i.e., weather variables, social variables, working day or holiday), time of day, and season of the year. To solve the problem of short-term load forecasting (STLF) and further improve the forecasting accuracy, in this paper we have proposed a novel hybrid STLF model with a new signal decomposition and correlation analysis technique. To this end, load demand time series is decomposed into some regular low frequency components using improved empirical mode decomposition (IEMD). To compensate for the information loss during signal decomposition, we have incorporated the effect of exogenous variables by performing correlation analysis using T-Copula. From the T-Copula analysis, peak load indicative binary variable is derived from value at risk (VaR) to improve the load forecasting accuracy during peak time. The data obtained from IEMD and T-Copula is applied to deep belief network for predicting the future load demand of specific time. The proposed data driven method is validated on real time data from the Australia and the United States of America. The performance of proposed load forecasting model is evaluated in terms of mean absolute percentage error (MAPE) & root mean square error (RMSE). Simulation results verify that, the proposed model provides a significant decrease in MAPE and RMSE values compared to traditional empirical mode decomposition based electricity load forecasting.