Peak electric load days forecasting for energy cost reduction with and without behind the meter renewable electricity generation

Abstract

Many electricity consumers around the world are billed electric peak load charges. In the United States, these demand charges can contribute up to 70% of a consumer's electricity bill. Research has shown that the financial impact of these charges to the consumers can be reduced by acting on the intelligence provided by peak electric load day (PELD) forecasts. Unfortunately, published research detailing PELDs forecasting methodologies for facilities adopting behind the meter renewable electricity generation (BTMREG) is non-existent. This paper contributes: (a) a PELD forecasting methodology applicable to consumers with BTMREG. A case study demonstrates the methodology's ability to achieve 93% of the potential savings in kW, translating to demand charge reductions of approximately US$ 142 129 per year. (b) The first side-by-side performance comparisons of electric load and PELD forecasting models for scenarios with and without BTMREG. (c) The first PELD forecasting model savings comparison for scenarios with and without BTMREG. Experimental results suggest that counterintuitively, BTMREG adoption can translate into higher peak load savings for electricity consumers.