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An evaluation of methods for very short-term load forecasting using minute-by-minute British data

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  • Taylor, James W.

Abstract

This paper uses minute-by-minute British electricity demand observations to evaluate methods for prediction between 10 and 30Â minutes ahead. Such very short lead times are important for the real-time scheduling of electricity generation. We consider methods designed to capture both the intraday and the intraweek seasonal cycles in the data, including ARIMA modelling, an adaptation of Holt-Winters' exponential smoothing, and a recently proposed exponential smoothing method that focuses on the evolution of the intraday cycle. We also consider methods that do not attempt to model the seasonality, as well as an approach based on weather forecasts. For very short-term prediction, the best results were achieved using the Holt-Winters' adaptation and the new intraday cycle exponential smoothing method. Looking beyond the very short-term, we found that combining the method based on weather forecasts with the Holt-Winters' adaptation resulted in forecasts that outperformed all other methods beyond about an hour ahead.

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  • Taylor, James W., 2008. "An evaluation of methods for very short-term load forecasting using minute-by-minute British data," International Journal of Forecasting, Elsevier, vol. 24(4), pages 645-658.
  • Handle: RePEc:eee:intfor:v:24:y:2008:i:4:p:645-658
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    References listed on IDEAS

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    2. Badescu, Viorel & Abed, Qahtan A. & Ciocanea, Adrian & Soriga, Iuliana, 2017. "The stability of the radiative regime does influence the daily performance of solar air heaters," Renewable Energy, Elsevier, vol. 107(C), pages 403-416.
    3. Alysha M De Livera, 2010. "Automatic forecasting with a modified exponential smoothing state space framework," Monash Econometrics and Business Statistics Working Papers 10/10, Monash University, Department of Econometrics and Business Statistics.
    4. Brabec, Marek & Konár, Ondrej & Pelikán, Emil & Malý, Marek, 2008. "A nonlinear mixed effects model for the prediction of natural gas consumption by individual customers," International Journal of Forecasting, Elsevier, vol. 24(4), pages 659-678.
    5. repec:eee:ejores:v:266:y:2018:i:1:p:259-268 is not listed on IDEAS
    6. Hussain, Anwar & Rahman, Muhammad & Memon, Junaid Alam, 2016. "Forecasting electricity consumption in Pakistan: the way forward," Energy Policy, Elsevier, vol. 90(C), pages 73-80.
    7. Soares, Lacir J. & Medeiros, Marcelo C., 2008. "Modeling and forecasting short-term electricity load: A comparison of methods with an application to Brazilian data," International Journal of Forecasting, Elsevier, vol. 24(4), pages 630-644.
    8. Chan, Kam Fong & Gray, Philip & van Campen, Bart, 2008. "A new approach to characterizing and forecasting electricity price volatility," International Journal of Forecasting, Elsevier, vol. 24(4), pages 728-743.
    9. repec:eee:rensus:v:74:y:2017:i:c:p:902-924 is not listed on IDEAS
    10. Taylor, James W., 2010. "Triple seasonal methods for short-term electricity demand forecasting," European Journal of Operational Research, Elsevier, vol. 204(1), pages 139-152, July.
    11. Hong, Tao & Fan, Shu, 2016. "Probabilistic electric load forecasting: A tutorial review," International Journal of Forecasting, Elsevier, vol. 32(3), pages 914-938.
    12. repec:eee:rensus:v:81:y:2018:i:p1:p:1513-1521 is not listed on IDEAS
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    14. José Carlos Palomares-Salas & Agustín Agüera-Pérez & Juan José González de la Rosa & José María Sierra-Fernández & Antonio Moreno-Muñoz, 2013. "Exogenous Measurements from Basic Meteorological Stations for Wind Speed Forecasting," Energies, MDPI, Open Access Journal, vol. 6(11), pages 1-19, November.
    15. Sigauke, C. & Chikobvu, D., 2011. "Prediction of daily peak electricity demand in South Africa using volatility forecasting models," Energy Economics, Elsevier, vol. 33(5), pages 882-888, September.

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