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Short-Term Power Load Forecasting Method Based on Improved Exponential Smoothing Grey Model

Author

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  • Jianwei Mi
  • Libin Fan
  • Xuechao Duan
  • Yuanying Qiu

Abstract

In order to improve the prediction accuracy, this paper proposes a short-term power load forecasting method based on the improved exponential smoothing grey model. It firstly determines the main factor affecting the power load using the grey correlation analysis. It then conducts power load forecasting using the improved multivariable grey model. The improved prediction model firstly carries out the smoothing processing of the original power load data using the first exponential smoothing method. Secondly, the grey prediction model with an optimized background value is established using the smoothed sequence which agrees with the exponential trend. Finally, the inverse exponential smoothing method is employed to restore the predicted value. The first exponential smoothing model uses the 0.618 method to search for the optimal smooth coefficient. The prediction model can take the effects of the influencing factors on the power load into consideration. The simulated results show that the proposed prediction algorithm has a satisfactory prediction effect and meets the requirements of short-term power load forecasting. This research not only further improves the accuracy and reliability of short-term power load forecasting but also extends the application scope of the grey prediction model and shortens the search interval.

Suggested Citation

  • Jianwei Mi & Libin Fan & Xuechao Duan & Yuanying Qiu, 2018. "Short-Term Power Load Forecasting Method Based on Improved Exponential Smoothing Grey Model," Mathematical Problems in Engineering, Hindawi, vol. 2018, pages 1-11, March.
    • Handle: RePEc:hin:jnlmpe:3894723
    DOI: 10.1155/2018/3894723
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    Cited by:

    1. Taorong Jia & Lixiao Yao & Guoqing Yang & Qi He, 2022. "A Short-Term Power Load Forecasting Method of Based on the CEEMDAN-MVO-GRU," Sustainability, MDPI, vol. 14(24), pages 1-18, December.
    2. Fanidhar Dewangan & Almoataz Y. Abdelaziz & Monalisa Biswal, 2023. "Load Forecasting Models in Smart Grid Using Smart Meter Information: A Review," Energies, MDPI, vol. 16(3), pages 1-55, January.
    3. Fangze Zhou & Hui Zhou & Zhaoyan Li & Kai Zhao, 2022. "Multi-Step Ahead Short-Term Electricity Load Forecasting Using VMD-TCN and Error Correction Strategy," Energies, MDPI, vol. 15(15), pages 1-18, July.
    4. Alfredo Candela Esclapez & Miguel López García & Sergio Valero Verdú & Carolina Senabre Blanes, 2022. "Automatic Selection of Temperature Variables for Short-Term Load Forecasting," Sustainability, MDPI, vol. 14(20), pages 1-22, October.
    5. Haoran Zhao & Sen Guo, 2021. "Uncertain Interval Forecasting for Combined Electricity-Heat-Cooling-Gas Loads in the Integrated Energy System Based on Multi-Task Learning and Multi-Kernel Extreme Learning Machine," Mathematics, MDPI, vol. 9(14), pages 1-32, July.
    6. Venkataramana Veeramsetty & Arjun Mohnot & Gaurav Singal & Surender Reddy Salkuti, 2021. "Short Term Active Power Load Prediction on A 33/11 kV Substation Using Regression Models," Energies, MDPI, vol. 14(11), pages 1-21, May.
    7. Şahin, Utkucan & Ballı, Serkan & Chen, Yan, 2021. "Forecasting seasonal electricity generation in European countries under Covid-19-induced lockdown using fractional grey prediction models and machine learning methods," Applied Energy, Elsevier, vol. 302(C).

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