Abstract
Accurate mid-term electricity demand forecasting is critical for efficient electric planning, budgeting and operating decisions. Mid-term electricity demand forecasting is notoriously complicated, since the demand is subject to a range of external drivers, such as climate change, economic development, which will exhibit monthly, seasonal, and annual complex variations. Conventional models are based on the assumption that original data is stable and normally distributed, which is generally insignificant in explaining actual demand pattern. This paper proposes a new semiparametric additive model that, in addition to considering the uncertainty of the data distribution, includes practical discussions covering the applications of the external variables. To effectively detach the multi-dimensional volatility of mid-term demand, a novel piecewise smooth method which allows reduction of the data dimensionality is developed. Besides, a semi-parametric procedure that makes use of bootstrap algorithm for density forecast and model estimation is presented. Two typical cases in China are presented to verify the effectiveness of the proposed methodology. The results suggest that both meteorological and economic variables play a critical role in mid-term electricity consumption prediction in China, while the extracted economic factor is adequate to reveal the potentially complex relationship between electricity consumption and economic fluctuation. Overall, the proposed model can be easily applied to mid-term demand forecasting, and produce accurate and stable forecasts.
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