A novel decision support system for enhancing long-term forecast accuracy in virtual power plants using bidirectional long short-term memory networks
Author
Abstract
Suggested Citation
DOI: 10.1016/j.apenergy.2025.125273
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Mizuno, Emi, 2014. "Overview of wind energy policy and development in Japan," Renewable and Sustainable Energy Reviews, Elsevier, vol. 40(C), pages 999-1018.
- Marcellino, Massimiliano & Stock, James H. & Watson, Mark W., 2006.
"A comparison of direct and iterated multistep AR methods for forecasting macroeconomic time series,"
Journal of Econometrics, Elsevier, vol. 135(1-2), pages 499-526.
- Stock, James & Watson, Mark & Marcellino, Massimiliano, 2005. "A Comparison of Direct and Iterated Multistep AR Methods for Forecasting Macroeconomic Time Series," CEPR Discussion Papers 4976, C.E.P.R. Discussion Papers.
- Massimiliano Marcellino & James Stock & Mark Watson, 2005. "A Comparison of Direct and Iterated Multistep AR Methods for Forecasting Macroeconomic Time Series," Working Papers 285, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Ahmed, Adil & Khalid, Muhammad, 2018. "An intelligent framework for short-term multi-step wind speed forecasting based on Functional Networks," Applied Energy, Elsevier, vol. 225(C), pages 902-911.
- Gulay, Emrah & Sen, Mustafa & Akgun, Omer Burak, 2024. "Forecasting electricity production from various energy sources in Türkiye: A predictive analysis of time series, deep learning, and hybrid models," Energy, Elsevier, vol. 286(C).
- Li, Fengyun & Zheng, Haofeng & Li, Xingmei, 2022. "A novel hybrid model for multi-step ahead photovoltaic power prediction based on conditional time series generative adversarial networks," Renewable Energy, Elsevier, vol. 199(C), pages 560-586.
- Wang, Chuang & Zhao, Haishen & Liu, Yang & Fan, Guojin, 2024. "Minute-level ultra-short-term power load forecasting based on time series data features," Applied Energy, Elsevier, vol. 372(C).
- Kitamura, Toshihiko & Managi, Shunsuke, 2017. "Energy security and potential supply disruption: A case study in Japan," Energy Policy, Elsevier, vol. 110(C), pages 90-104.
- Xue, Puning & Jiang, Yi & Zhou, Zhigang & Chen, Xin & Fang, Xiumu & Liu, Jing, 2019. "Multi-step ahead forecasting of heat load in district heating systems using machine learning algorithms," Energy, Elsevier, vol. 188(C).
- Reza Nadimi & Masahito Takahashi & Koji Tokimatsu & Mika Goto, 2024. "The Reliability and Profitability of Virtual Power Plant with Short-Term Power Market Trading and Non-Spinning Reserve Diesel Generator," Energies, MDPI, vol. 17(9), pages 1-19, April.
- Nguyen, Hoang-Phuong & Baraldi, Piero & Zio, Enrico, 2021. "Ensemble empirical mode decomposition and long short-term memory neural network for multi-step predictions of time series signals in nuclear power plants," Applied Energy, Elsevier, vol. 283(C).
- Huang, Xiaoqiao & Li, Qiong & Tai, Yonghang & Chen, Zaiqing & Liu, Jun & Shi, Junsheng & Liu, Wuming, 2022. "Time series forecasting for hourly photovoltaic power using conditional generative adversarial network and Bi-LSTM," Energy, Elsevier, vol. 246(C).
- Souhaib Ben Taieb & Rob J Hyndman, 2012. "Recursive and direct multi-step forecasting: the best of both worlds," Monash Econometrics and Business Statistics Working Papers 19/12, Monash University, Department of Econometrics and Business Statistics.
- Kong, Xiangfei & Du, Xinyu & Xue, Guixiang & Xu, Zhijie, 2023. "Multi-step short-term solar radiation prediction based on empirical mode decomposition and gated recurrent unit optimized via an attention mechanism," Energy, Elsevier, vol. 282(C).
- Chen, Xue-Jun & Zhao, Jing & Jia, Xiao-Zhong & Li, Zhong-Long, 2021. "Multi-step wind speed forecast based on sample clustering and an optimized hybrid system," Renewable Energy, Elsevier, vol. 165(P1), pages 595-611.
- Yu, Shiwei & Zhou, Shuangshuang & Zheng, Shuhong & Li, Zhenxi & Liu, Lancui, 2019. "Developing an optimal renewable electricity generation mix for China using a fuzzy multi-objective approach," Renewable Energy, Elsevier, vol. 139(C), pages 1086-1098.
- Diebold, Francis X & Mariano, Roberto S, 2002.
"Comparing Predictive Accuracy,"
Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 134-144, January.
- Diebold, Francis X & Mariano, Roberto S, 1995. "Comparing Predictive Accuracy," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(3), pages 253-263, July.
- Francis X. Diebold & Roberto S. Mariano, 1994. "Comparing Predictive Accuracy," NBER Technical Working Papers 0169, National Bureau of Economic Research, Inc.
- Gao, Yuan & Miyata, Shohei & Akashi, Yasunori, 2022. "Multi-step solar irradiation prediction based on weather forecast and generative deep learning model," Renewable Energy, Elsevier, vol. 188(C), pages 637-650.
- Tian, Zhongda & Chen, Hao, 2021. "Multi-step short-term wind speed prediction based on integrated multi-model fusion," Applied Energy, Elsevier, vol. 298(C).
- Francois Rozon & Craig McGregor & Michael Owen, 2023. "Long-Term Forecasting Framework for Renewable Energy Technologies’ Installed Capacity and Costs for 2050," Energies, MDPI, vol. 16(19), pages 1-20, September.
- Washizu, Ayu & Ju, Yiyi & Yoshida, Akira & Tayama, Masashi & Amano, Yoshiharu, 2024. "Modeling the distributed energy resource aggregator services in a macroeconomic framework: The application to Japan," Energy, Elsevier, vol. 312(C).
- Kim, Jimin & Obregon, Josue & Park, Hoonseok & Jung, Jae-Yoon, 2024. "Multi-step photovoltaic power forecasting using transformer and recurrent neural networks," Renewable and Sustainable Energy Reviews, Elsevier, vol. 200(C).
- In, YeonJun & Jung, Jae-Yoon, 2022. "Simple averaging of direct and recursive forecasts via partial pooling using machine learning," International Journal of Forecasting, Elsevier, vol. 38(4), pages 1386-1399.
- Hyndman, Rob J. & Koehler, Anne B., 2006.
"Another look at measures of forecast accuracy,"
International Journal of Forecasting, Elsevier, vol. 22(4), pages 679-688.
- Rob J. Hyndman & Anne B. Koehler, 2005. "Another Look at Measures of Forecast Accuracy," Monash Econometrics and Business Statistics Working Papers 13/05, Monash University, Department of Econometrics and Business Statistics.
- Scott M Robeson & Cort J Willmott, 2023. "Decomposition of the mean absolute error (MAE) into systematic and unsystematic components," PLOS ONE, Public Library of Science, vol. 18(2), pages 1-8, February.
- Rafati, Amir & Joorabian, Mahmood & Mashhour, Elaheh, 2020. "An efficient hour-ahead electrical load forecasting method based on innovative features," Energy, Elsevier, vol. 201(C).
- Sharadga, Hussein & Hajimirza, Shima & Balog, Robert S., 2020. "Time series forecasting of solar power generation for large-scale photovoltaic plants," Renewable Energy, Elsevier, vol. 150(C), pages 797-807.
- Nadimi, Reza & Tokimatsu, Koji, 2018. "Modeling of quality of life in terms of energy and electricity consumption," Applied Energy, Elsevier, vol. 212(C), pages 1282-1294.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Nadimi, Reza & Goto, Mika, 2025. "Uncertainty reduction in power forecasting of virtual power plant: From day-ahead to balancing markets," Renewable Energy, Elsevier, vol. 238(C).
- Mousavi, Rashin & Mousavi, Arash & Mousavi, Yashar & Tavasoli, Mahsa & Arab, Aliasghar & Kucukdemiral, Ibrahim Beklan & Alfi, Alireza & Fekih, Afef, 2025. "Revolutionizing solar energy resources: The central role of generative AI in elevating system sustainability and efficiency," Applied Energy, Elsevier, vol. 382(C).
- Nikolay Robinzonov & Gerhard Tutz & Torsten Hothorn, 2012. "Boosting techniques for nonlinear time series models," AStA Advances in Statistical Analysis, Springer;German Statistical Society, vol. 96(1), pages 99-122, January.
- Sarah Hadri & Mehdi Najib & Mohamed Bakhouya & Youssef Fakhri & Mohamed El Arroussi, 2021. "Performance Evaluation of Forecasting Strategies for Electricity Consumption in Buildings," Energies, MDPI, vol. 14(18), pages 1-17, September.
- Hauzenberger, Niko & Huber, Florian & Klieber, Karin & Marcellino, Massimiliano, 2025.
"Bayesian neural networks for macroeconomic analysis,"
Journal of Econometrics, Elsevier, vol. 249(PC).
- Niko Hauzenberger & Florian Huber & Karin Klieber & Massimiliano Marcellino, 2022. "Bayesian Neural Networks for Macroeconomic Analysis," Papers 2211.04752, arXiv.org, revised Apr 2024.
- Hauzenberger , Niko & Huber, Florian & Klieber, Karin & Marcellino, Massimiliano, 2024. "Bayesian Neural Networks for Macroeconomic Analysis," CEPR Discussion Papers 19381, C.E.P.R. Discussion Papers.
- Eliana González & Luis F. Melo & Viviana Monroy & Brayan Rojas, 2009.
"A Dynamic Factor Model For The Colombian Inflation,"
Borradores de Economia
5273, Banco de la Republica.
- Eliana González & . Luis F. Melo & Viviana Monroy & Brayan Rojas, 2009. "A Dynamic Factor Model for the Colombian Inflation," Borradores de Economia 549, Banco de la Republica de Colombia.
- Philippe Goulet Coulombe & Maxime Leroux & Dalibor Stevanovic & Stéphane Surprenant, 2022.
"How is machine learning useful for macroeconomic forecasting?,"
Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(5), pages 920-964, August.
- Philippe Goulet Coulombe & Maxime Leroux & Dalibor Stevanovic & Stéphane Surprenant, 2019. "How is Machine Learning Useful for Macroeconomic Forecasting?," CIRANO Working Papers 2019s-22, CIRANO.
- Philippe Goulet Coulombe & Maxime Leroux & Dalibor Stevanovic & Stephane Surprenant, 2020. "How is Machine Learning Useful for Macroeconomic Forecasting?," Working Papers 20-01, Chair in macroeconomics and forecasting, University of Quebec in Montreal's School of Management, revised Aug 2020.
- Philippe Goulet Coulombe & Maxime Leroux & Dalibor Stevanovic & St'ephane Surprenant, 2020. "How is Machine Learning Useful for Macroeconomic Forecasting?," Papers 2008.12477, arXiv.org.
- Kelly Trinh & Bo Zhang & Chenghan Hou, 2025. "Macroeconomic real‐time forecasts of univariate models with flexible error structures," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 44(1), pages 59-78, January.
- Frank, Johannes, 2023. "Forecasting realized volatility in turbulent times using temporal fusion transformers," FAU Discussion Papers in Economics 03/2023, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics.
- Nonejad, Nima, 2022. "An interesting finding about the ability of geopolitical risk to forecast aggregate equity return volatility out-of-sample," Finance Research Letters, Elsevier, vol. 47(PB).
- Cameron Roach & Rob Hyndman & Souhaib Ben Taieb, 2021.
"Non‐linear mixed‐effects models for time series forecasting of smart meter demand,"
Journal of Forecasting, John Wiley & Sons, Ltd., vol. 40(6), pages 1118-1130, September.
- Cameron Roach & Rob J Hyndman & Souhaib Ben Taieb, 2020. "Nonlinear Mixed Effects Models for Time Series Forecasting of Smart Meter Demand," Monash Econometrics and Business Statistics Working Papers 41/20, Monash University, Department of Econometrics and Business Statistics.
- Catania, Leopoldo & Grassi, Stefano & Ravazzolo, Francesco, 2019. "Forecasting cryptocurrencies under model and parameter instability," International Journal of Forecasting, Elsevier, vol. 35(2), pages 485-501.
- Nikitopoulos, Christina Sklibosios & Thomas, Alice Carole & Wang, Jianxin, 2023. "The economic impact of daily volatility persistence on energy markets," Journal of Commodity Markets, Elsevier, vol. 30(C).
- Catania, Leopoldo & Proietti, Tommaso, 2020.
"Forecasting volatility with time-varying leverage and volatility of volatility effects,"
International Journal of Forecasting, Elsevier, vol. 36(4), pages 1301-1317.
- Leopoldo Catania & Tommaso Proietti, 2019. "Forecasting Volatility with Time-Varying Leverage and Volatility of Volatility Effects," CEIS Research Paper 450, Tor Vergata University, CEIS, revised 06 Feb 2019.
- Knut Are Aastveit & Francesco Ravazzolo & Herman K. van Dijk, 2018.
"Combined Density Nowcasting in an Uncertain Economic Environment,"
Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 36(1), pages 131-145, January.
- Knut Are Aastveit & Francesco Ravazzolo & Herman K. van Dijk, 2014. "Combined Density Nowcasting in an Uncertain Economic Environment," Tinbergen Institute Discussion Papers 14-152/III, Tinbergen Institute.
- Knut Are Aastveit & Francesco Ravazzolo & Herman K. van Dijk, 2014. "Combined Density Nowcasting in an uncertain economic environment," Working Paper 2014/17, Norges Bank.
- Wilms, Ines & Rombouts, Jeroen & Croux, Christophe, 2021. "Multivariate volatility forecasts for stock market indices," International Journal of Forecasting, Elsevier, vol. 37(2), pages 484-499.
- Martin Guth, 2022. "Predicting Default Probabilities for Stress Tests: A Comparison of Models," Papers 2202.03110, arXiv.org.
- Kunze, Frederik, 2017. "Predicting exchange rates in Asia: New insights on the accuracy of survey forecasts," University of Göttingen Working Papers in Economics 326, University of Goettingen, Department of Economics.
- Drachal, Krzysztof, 2021. "Forecasting crude oil real prices with averaging time-varying VAR models," Resources Policy, Elsevier, vol. 74(C).
- Porqueddu Mario & Venditti Fabrizio, 2014.
"Do food commodity prices have asymmetric effects on euro-area inflation?,"
Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 18(4), pages 419-443, September.
- Mario Porqueddu & Fabrizio Venditti, 2012. "Do food commodity prices have asymmetric effects on Euro-Area inflation?," Temi di discussione (Economic working papers) 878, Bank of Italy, Economic Research and International Relations Area.
More about this item
Keywords
Virtual power plant; Univariate time series forecasting; Long short-term memory network; Day ahead power market; Decision support system;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:appene:v:382:y:2025:i:c:s0306261925000030. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/405891/description#description .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.