Smart Grid Forecasting with MIMO Models: A Comparative Study of Machine Learning Techniques for Day-Ahead Residual Load Prediction

Abstract

With the fast expansion of intermittent renewable energy sources in the upcoming smart grids, simple and accurate day-ahead systems for residual load forecasts are urgently needed. Machine learning strategies can facilitate towards drastic cost minimizations in terms of operating-reserves avoidance to compensate the mismatches between the actual and forecasted values. In this study, a multi-input/multi-output model is developed based on artificial neural networks to map the relationship between different predictor inputs, including time indices, weather variables, human activity parameters, and energy price indicators, and target outputs such as wind and photovoltaic generation. While the information flows in only one direction (from the predictor nodes through the hidden layers to the target node), benchmark training algorithms are employed and assessed under different case studies. The model is evaluated under both parametric and non-parametric formulations, namely neural networks and Gaussian process regression. Essential improvements are achieved by enhancing the number of embedded predictors, while superior performance is observed by using Bayesian regularization mechanisms. In terms of mean-error indices and determination coefficient, this opens the pathway towards minimization via Bayesian inference-based approaches in the presence of increased and highly stochastic renewable inputs.