An innovative information accumulation multivariable grey model and its application in China's renewable energy generation forecasting

Abstract

Reducing greenhouse gas emissions is urgent for the global community with rising climates. Considering the importance of renewable energy in mitigating climate warming, forecasting renewable energy generation is vital for the Chinese government's future low-carbon and green development plan. This paper proposes a novel multivariable grey model based on historical data on China's renewable energy generation and three industries. A novel information accumulation mechanism with two adaptive factors is designed to improve the traditional multivariable grey modeling defect. Based on the proposed mechanism, this paper optimizes the initial and background values and nonlinear model structure with the whale optimization algorithm. The forecasting results show that the fitting MAPE is 1.13%, comprehensive MAPE is 2.60%, MSE is 50.86, and RMSE is 7.13, which significantly improve the forecasting accuracy of traditional GM(1,N) and are better than other compared models. The forecasting results show that China's renewable energy generation will gradually increase to 5834.02 TWh. The Chinese government should keep the previous Five-Year Plans rising trend of the three industries in the future Five-Year Plans to support renewable energy industries. In China's future energy system, it is necessary to promote incentive policies and capital investment for actively accelerated development to make renewable energy the leading force.