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This study aims to forecast New York and Los Angeles gasoline spot prices on a daily frequency. The dataset includes gasoline prices and a big set of 128 other relevant variables spanning the period from 17 February 2004 to 26 March 2022. These variables were fed to three tree-based machine learning algorithms: decision trees, random forest, and XGBoost. Furthermore, a variable importance measure (VIM) technique was applied to identify and rank the most important explanatory variables. The optimal model, a trained random forest, achieves a mean absolute percent error (MAPE) in the out-of-sample of 3.23% for the New York and 3.78% for the Los Angeles gasoline spot prices. The first lag, AR (1), of gasoline is the most important variable in both markets; the top five variables are all energy-related. This paper can strengthen the understanding of price determinants and has the potential to inform strategic decisions and policy directions within the energy sector, making it a valuable asset for both industry practitioners and policymakers. [ABSTRACT FROM AUTHOR]

Solar power forecasting is of high interest in managing any power system based on solar energy. In the case of photovoltaic (PV) systems, and building integrated PV (BIPV) in particular, it may help to better operate the power grid and to manage the power load and storage. Power forecasting directly based on PV time series has some advantages over solar irradiance forecasting first and PV power modeling afterwards. In this paper, the power forecasting for BIPV systems in a vertical façade is studied using machine learning algorithms based on decision trees. The forecasting scheme employs the skforecast library from the Python environment, which facilitates the implementation of different schemes for both deterministic and probabilistic forecasting applications. Firstly, deterministic forecasting of hourly BIPV power was performed with XGBoost and Random Forest algorithms for different cases, showing an improvement in forecasting accuracy when some exogenous variables were used. Secondly, probabilistic forecasting was performed with XGBoost combined with the Bootstrap method. The results of this paper show the capabilities of Random Forest and gradient boosting algorithms, such as XGBoost, to work as regressors in time series forecasting of BIPV power. Mean absolute error in the deterministic forecast, using the most influencing exogenous variables, were around 40% and close below 30% for the south and east array, respectively. [ABSTRACT FROM AUTHOR]

It is indisputable that power systems are being transformed around the world to increase the use of RES and reduce the use of fossil fuels in overall electricity production. This year, the EU Parliament adopted the Fit for 55 package, which should significantly reduce the use of fossil fuels in the energy balance of EU countries while increasing the use of RES. At the end of 2022, the total number of prosumer installations in Poland amounted to about one million two hundred thousand. Such a high saturation of prosumer micro-installations in the power system causes many threats resulting from their operation. These threats result, among others, from the fact that photovoltaics are classified as unstable sources and the expected production of electricity from such installations is primarily associated with highly variable weather conditions and is only dependent on people to a minor extent. Currently, there is a rapid development of topics related to forecasting the volume of energy production from unstable sources such as wind and photovoltaic power plants. This issue is being actively developed by research units around the world. Scientists use a whole range of tools and models related to forecasting techniques, from physical models to artificial intelligence. According to our findings, the use of machine learning models has the greatest chance of obtaining positive prognostic effects for small, widely distributed prosumer installations. The present paper presents the research results of two energy balance prediction algorithms based on machine learning models. For forecasting, we proposed two regression models, i.e., regularized LASSO regression and random forests. The work analyzed scenarios taking into account both endogenous and exogenous variables as well as direct multi-step forecasting and recursive multi-step forecasting. The training was carried out on real data obtained from a prosumer micro-installation. Finally, it was found that the best forecasting results are obtained with the use of a random forest model trained using a recursive multi-step method and an exogenous scenario. [ABSTRACT FROM AUTHOR]

Accurate solar radiation forecasting is essential to operate power systems safely under high shares of photovoltaic generation. This paper compares the performance of several machine learning algorithms for solar radiation forecasting using endogenous and exogenous inputs and proposes an ensemble feature selection method to choose not only the most related input parameters but also their past observations values. The machine learning algorithms used are: Support Vector Regression (SVR), Extreme Gradient Boosting (XGBT), Categorical Boosting (CatBoost) and Voting-Average (VOA), which integrates SVR, XGBT and CatBoost. The proposed ensemble feature selection is based on Pearson coefficient, random forest, mutual information and relief. Prediction accuracy is evaluated based on several metrics using a real database from Salvador, Brazil. Different prediction time-horizons are considered: 1 h, 2 h and 3 h ahead. Numerical results demonstrate that the proposed ensemble feature selection approach improves forecasting accuracy and that VOA performs better than the other algorithms in all prediction time horizons. [ABSTRACT FROM AUTHOR]

In predicting energy consumption, classic econometric and statistical models are used to forecast energy consumption. These models may have limitations in an increasingly fast-changing energy market, which requires big data analysis of energy consumption patterns and relevant variables using complex mathematical tools. In current literature, there are minimal comparison studies reviewing machine learning algorithms to predict energy consumption in Korea. To bridge this gap, this paper compared three different machine learning algorithms, namely the Random Forest (RF) model, XGBoost (XGB) model, and Long Short-Term Memory (LSTM) model. These algorithms were applied in Period 1 (prior to the onset of the COVID-19 pandemic) and Period 2 (after the onset of the COVID-19 pandemic). Period 1 was characterized by an upward trend in energy consumption, while Period 2 showed a reduction in energy consumption. LSTM performed best in its prediction power specifically in Period 1, and RF outperformed the other models in Period 2. Findings, therefore, suggested the applicability of machine learning to forecast energy consumption and also demonstrated that traditional econometric approaches may outperform machine learning when there is less unknown irregularity in the time series, but machine learning can work better with unexpected irregular time series data. [ABSTRACT FROM AUTHOR]