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Forecasting electric loads with multiple predictors

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  • Bunn, Derek W.

Abstract

The simultaneous use of several forecasting models is becoming increasingly common in electric load prediction. We discuss some of the concepts and methods involved in this approach, present a form of taxonomy and evaluate counterarguments. Ultimately, a pragmatic justification for the approach is adopted, recognising its surrogate nature for either more comprehensive model-building or identification. Overall, we seek to develop a critical perspective on applications of this approach in the electric power industry.

Suggested Citation

  • Bunn, Derek W., 1985. "Forecasting electric loads with multiple predictors," Energy, Elsevier, vol. 10(6), pages 727-732.
  • Handle: RePEc:eee:energy:v:10:y:1985:i:6:p:727-732
    DOI: 10.1016/0360-5442(85)90105-7
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    Cited by:

    1. Nowotarski, Jakub & Liu, Bidong & Weron, Rafał & Hong, Tao, 2016. "Improving short term load forecast accuracy via combining sister forecasts," Energy, Elsevier, vol. 98(C), pages 40-49.
    2. Elena Verdolini & Laura Díaz Anadón & Erin Baker & Valentina Bosetti & Lara Aleluia Reis, 2018. "Future Prospects for Energy Technologies: Insights from Expert Elicitations," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 12(1), pages 133-153.
    3. Weron, Rafał, 2014. "Electricity price forecasting: A review of the state-of-the-art with a look into the future," International Journal of Forecasting, Elsevier, vol. 30(4), pages 1030-1081.
    4. Nowotarski, Jakub & Raviv, Eran & Trück, Stefan & Weron, Rafał, 2014. "An empirical comparison of alternative schemes for combining electricity spot price forecasts," Energy Economics, Elsevier, vol. 46(C), pages 395-412.

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