IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v16y2023i21p7321-d1269651.html
   My bibliography  Save this article

A Dual-Stage Solar Power Prediction Model That Reflects Uncertainties in Weather Forecasts

Author

Listed:
  • Jeongin Lee

    (Energy ICT Research Section, Industrial Energy Convergence Research Division, Digital Convergence Laboratory, Electronics and Telecommunications Research Institute, Daejeon 34129, Republic of Korea)

  • Jongwoo Choi

    (Energy ICT Research Section, Industrial Energy Convergence Research Division, Digital Convergence Laboratory, Electronics and Telecommunications Research Institute, Daejeon 34129, Republic of Korea)

  • Wanki Park

    (Energy ICT Research Section, Industrial Energy Convergence Research Division, Digital Convergence Laboratory, Electronics and Telecommunications Research Institute, Daejeon 34129, Republic of Korea)

  • Ilwoo Lee

    (Energy ICT Research Section, Industrial Energy Convergence Research Division, Digital Convergence Laboratory, Electronics and Telecommunications Research Institute, Daejeon 34129, Republic of Korea)

Abstract

Renewable energy sources are being expanded globally in response to global warming. Solar power generation is closely related to solar radiation and typically experiences significant fluctuations in solar radiation hours during periods of high solar radiation, leading to substantial inaccuracies in power generation predictions. In this paper, we suggest a solar power generation prediction method aimed at minimizing prediction errors during solar time. The proposed method comprises two stages. The first stage is the construction of the Solar Base Model by extracting characteristics from input variables. In the second stage, the prediction error period is detected using the Solar Change Point, which measures the difference between the predicted output from the Solar Base Model and the actual power generation. Subsequently, the probability of a weather forecast state change within the error occurrence period is calculated, and this information is used to update the power generation forecast value. The performance evaluation was restricted to July and August. The average improvement rate in predicted power generation was 24.5%. Using the proposed model, updates to weather forecast status information were implemented, leading to enhanced accuracy in predicting solar power generation.

Suggested Citation

  • Jeongin Lee & Jongwoo Choi & Wanki Park & Ilwoo Lee, 2023. "A Dual-Stage Solar Power Prediction Model That Reflects Uncertainties in Weather Forecasts," Energies, MDPI, vol. 16(21), pages 1-19, October.
  • Handle: RePEc:gam:jeners:v:16:y:2023:i:21:p:7321-:d:1269651
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/16/21/7321/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/1996-1073/16/21/7321/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sean D. Campbell & Francis X. Diebold, 2005. "Weather Forecasting for Weather Derivatives," Journal of the American Statistical Association, American Statistical Association, vol. 100, pages 6-16, March.
    2. Song, Yong Hyun & Kim, Hyun Joong & Kim, Seung Wan & Jin, Young Gyu & Yoon, Yong Tae, 2018. "How to find a reasonable energy transition strategy in Korea?: Quantitative analysis based on power market simulation," Energy Policy, Elsevier, vol. 119(C), pages 396-409.
    3. Ju-Hee Kim & Sin-Young Kim & Seung-Hoon Yoo, 2020. "Public Acceptance of the “Renewable Energy 3020 Plan”: Evidence from a Contingent Valuation Study in South Korea," Sustainability, MDPI, vol. 12(8), pages 1-12, April.
    Full references (including those not matched with items on IDEAS)

    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.
    1. Matthias Ritter, 2012. "Can the market forecast the weather better than meteorologists?," SFB 649 Discussion Papers SFB649DP2012-067, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
    2. Turvey, Calum G. & Norton, Michael, 2008. "An Internet-Based Tool for Weather Risk Management," Agricultural and Resource Economics Review, Cambridge University Press, vol. 37(1), pages 63-78, April.
    3. Roberto Buizza & James W. Taylor, 2004. "A comparison of temperature density forecasts from GARCH and atmospheric models," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 23(5), pages 337-355.
    4. Monika Wieczorek-Kosmala, 2020. "Weather Risk Management in Energy Sector: The Polish Case," Energies, MDPI, vol. 13(4), pages 1-21, February.
    5. Mu, Xiaoyi, 2007. "Weather, storage, and natural gas price dynamics: Fundamentals and volatility," Energy Economics, Elsevier, vol. 29(1), pages 46-63, January.
    6. Helene Hamisultane, 2010. "Utility-based pricing of weather derivatives," The European Journal of Finance, Taylor & Francis Journals, vol. 16(6), pages 503-525.
    7. Sun, Baojing & van Kooten, G. Cornelis, 2014. "Financial Weather Options for Crop Production," Working Papers 164323, University of Victoria, Resource Economics and Policy.
    8. Ross Baldick & Sergey Kolos & Stathis Tompaidis, 2006. "Interruptible Electricity Contracts from an Electricity Retailer's Point of View: Valuation and Optimal Interruption," Operations Research, INFORMS, vol. 54(4), pages 627-642, August.
    9. Ifaei, Pouya & Tayerani Charmchi, Amir Saman & Loy-Benitez, Jorge & Yang, Rebecca Jing & Yoo, ChangKyoo, 2022. "A data-driven analytical roadmap to a sustainable 2030 in South Korea based on optimal renewable microgrids," Renewable and Sustainable Energy Reviews, Elsevier, vol. 167(C).
    10. Meng, Xiaochun & Taylor, James W., 2022. "Comparing probabilistic forecasts of the daily minimum and maximum temperature," International Journal of Forecasting, Elsevier, vol. 38(1), pages 267-281.
    11. Kim, Yu Jin & Entchev, Evgeuniy & Na, Sun Ik & Kang, Eun Chul & Baik, Young-Jin & Lee, Euy Joon, 2023. "Investigation of system optimization and control logic on a solar geothermal hybrid heat pump system based on integral effect test data," Energy, Elsevier, vol. 284(C).
    12. Cees Diks & Valentyn Panchenko & Dick van Dijk, 2008. "Partial Likelihood-Based Scoring Rules for Evaluating Density Forecasts in Tails," Tinbergen Institute Discussion Papers 08-050/4, Tinbergen Institute.
    13. Atak, Alev & Linton, Oliver & Xiao, Zhijie, 2011. "A semiparametric panel model for unbalanced data with application to climate change in the United Kingdom," Journal of Econometrics, Elsevier, vol. 164(1), pages 92-115, September.
    14. Dorfleitner, Gregor & Wimmer, Maximilian, 2010. "The pricing of temperature futures at the Chicago Mercantile Exchange," Journal of Banking & Finance, Elsevier, vol. 34(6), pages 1360-1370, June.
    15. Ahčan, Aleš, 2012. "Statistical analysis of model risk concerning temperature residuals and its impact on pricing weather derivatives," Insurance: Mathematics and Economics, Elsevier, vol. 50(1), pages 131-138.
    16. Fred Espen Benth & Anca Pircalabu, 2018. "A non-Gaussian Ornstein–Uhlenbeck model for pricing wind power futures," Applied Mathematical Finance, Taylor & Francis Journals, vol. 25(1), pages 36-65, January.
    17. Jacob Boudoukh & Matthew Richardson & YuQing Shen & Robert F. Whitelaw, 2003. "Do Asset Prices Reflect Fundamentals? Freshly Squeezed Evidence from the OJ Market," NBER Working Papers 9515, National Bureau of Economic Research, Inc.
    18. repec:wvu:wpaper:09-04 is not listed on IDEAS
    19. Markus Herrmann & Martin Hibbeln, 2021. "Seasonality in catastrophe bonds and market‐implied catastrophe arrival frequencies," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 88(3), pages 785-818, September.
    20. Hélène Hamisultane, 2008. "Sunshine-Factor Model with Treshold GARCH for Predicting Temperature of Weather Contracts," Working Papers halshs-00355857, HAL.
    21. Li, Lei & Yin, Xiao-Li & Jia, Xin-Chun & Sobhani, Behrooz, 2020. "Day ahead powerful probabilistic wind power forecast using combined intelligent structure and fuzzy clustering algorithm," Energy, Elsevier, vol. 192(C).

    Corrections

    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:gam:jeners:v:16:y:2023:i:21:p:7321-:d:1269651. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.