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Short-term load forecasting (STLF) is critical for the energy industry. Accurate predictions of future electricity demand are necessary to ensure power systems' reliable and efficient operation. Various STLF models have been proposed in recent years, each with strengths and weaknesses. This paper comprehensively reviews some STLF models, including time series, artificial neural networks (ANNs), regression-based, and hybrid models. It first introduces the fundamental concepts and challenges of STLF, then discusses each model class's main features and assumptions. The paper compares the models in terms of their accuracy, robustness, computational efficiency, scalability, and adaptability and identifies each approach's advantages and limitations. Although this study suggests that ANNs and hybrid models may be the most promising ways to achieve accurate and reliable STLF, additional research is required to handle multiple input features, manage massive data sets, and adjust to shifting energy conditions. [ABSTRACT FROM AUTHOR]

Load forecasting (LF) is an essential factor in power system management. LF helps the utility maximize the utilization of power-generating plants and schedule them both reliably and economically. In this paper, a novel and hybrid forecasting method is proposed, combining a long short-term memory network (LSTM) and neural prophet (NP) through an artificial neural network. The paper aims to predict electric load for different time horizons with improved accuracy as well as consistency. The proposed model uses historical load data, weather data, and statistical features obtained from the historical data. Multiple case studies have been conducted with two different real-time data sets on three different types of load forecasting. The hybrid model is later compared with a few established methods of load forecasting found in the literature with different performance metrics: mean average percentage error (MAPE), root mean square error (RMSE), sum of square error (SSE), and regression coefficient (R). Moreover, a guideline with various attributes is provided for different types of load forecasting considering the applications of the proposed model. The results and comparisons from our test cases showed that the proposed hybrid model improved the forecasting accuracy for three different types of load forecasting over other forecasting techniques. [ABSTRACT FROM AUTHOR]

In this paper, a methodology for short-term forecasting of power generated by a photovoltaic module is reported. The method incorporates a nonlinear autoregressive with exogenous inputs (NARX) fed by the solar radiation and temperature times series, as well as an estimation of power time series obtained by implementing an ideal single diode model. This synthetic time series was validated against an actual photovoltaic module. The NARX model has been implemented in conjunction with the corrective vector multiplier (CVM) technique, which uses solar radiation under clear sky conditions to adjust the forecasting results. In addition, collinearity and the Granger causality tests were used to choose the input variables. The forecasting horizon was 24-h-ahead. The hybrid NARX-CVM model was compared to a nonlinear autoregressive neural network and persistence model using the typic forecasting error measures such as the mean bias error, mean squared error, root mean squared error and forecast skill. The results showed that the forecasting skills of the hybrid model are about 34% against the NAR model and about 42% against the Persistence model. The model was validated by blind forecasting. The results demonstrated evidence of the quality of the conformed forecasting model and the convenience of its implementation and building. [ABSTRACT FROM AUTHOR]

Currently, artificial intelligence (AI) is emerging as a dominant force in various technologies, owing to its unparalleled efficiency. Among the plethora of AI techniques available, neural networks (NNs) have garnered significant attention due to their adeptness in addressing diverse challenges, particularly for prediction tasks. This study offers a comprehensive review of predominant AI-based approaches to photovoltaic (PV) energy forecasting, with a particular emphasis on artificial neural networks (ANNs). We introduce a revolutionary methodology that amalgamates the predictive capabilities of ANN with the precision control afforded by the minimum-risk problem and sliding mode control (MRP-SMC), thereby revolutionizing the PV panel performance enhancement. Building upon this methodology, our hybrid approach utilizes the ANN as a proficient weather forecaster, accurately predicting the temperature and solar radiation levels impacting the panels. These forecasts serve as guiding principles for the MRP-SMC algorithm, enabling the proactive determination of the Maximum Power Point (MPP). Unlike conventional methods that grapple with weather unpredictability, the MRP-SMC algorithm transforms stochastic optimization challenges into controllable deterministic risk problems. Our method regulates the boost converter's work cycle dynamically. This dynamic adaptation, guided by environmental predictions from ANNs, unlocks the full potential of PV panels, maximizing energy recovery efficiency. To train the model, we utilized a large dataset comprising 60,538 temperature and solar radiation readings from the Department of Systems Engineering and Automation at the Faculty of Engineering in Vitoria (University of the Basque Country). Our approach demonstrates a high regression coefficient (R = 0.99) and low mean square error (MSE = 0.0044), underscoring its exceptional ability to predict real energy values. In essence, this study proposes a potent fusion of artificial intelligence and control mechanisms that unleash the untapped potential of photovoltaic panels. By utilizing forecasts to guide the converter, we are paving the way for a future where solar energy shines brighter than ever. [ABSTRACT FROM AUTHOR]

In this paper, we forecast the price of CO2 emission allowances using an artificial intelligence tool: neural networks. We were able to provide confident predictions of several future prices by processing a set of past data. Different model structures were tested. The influence of subjective economic and political decisions on price evolution leads to complex behavior that is hard to forecast. We analyzed correlations with different economic variables related to the price of CO2 emission allowances and found the behavior of two to be similar: electricity prices and iron and steel prices. They, along with CO2 emission allowance prices, were included in the forecasting model in order to verify whether or not this improved forecasting accuracy. Only slight improvements were observed, which proved to be more significant when their respective time series trends or fluctuations were used instead of the original time series. These results show that there is some sort of link between the three variables, suggesting that the price of CO2 emission allowances is closely related to the time evolution of the price of electricity and that of iron and steel, which are very pollutant industrial sectors. This can be regarded as evidence that the CO2 market is working properly. [ABSTRACT FROM AUTHOR]

In the present study Artificial Neural Network (ANN) has been optimized using a hybrid algorithm of Genetic Algorithm (GA) and Particle Swarm Optimization (PSO). The hybrid GA-PSO algorithm has been used to improve the estimation of electricity demand of the state of Tamil Nadu in India. The ANN-GA-PSO model uses gross domestic product (GSDP); electricity consumption per capita; income growth rate and consumer price index (CPI) as predictors that affect the electricity demand. Using the historical demand data of 25 years from 1991 till 2015 it is found that ANN-GA-PSO models have higher accuracy and performance reliability than single optimization models such as ANN-PSO or ANN-GA. In addition, the paper also forecasts the electricity demand of the state based on “as-it-is” scenario and the scenario based on milestones set by the “Vision-2023” document of the state. [ABSTRACT FROM AUTHOR]

The evolution of electricity markets has led to increasingly complex energy trading dynamics and the integration of renewable energy sources as well as the influence of several external market factors contributed towards price volatility. Therefore, day-ahead electricity price forecasting models, typically using some kind of neural network, play a crucial role in the optimal behavior of market agents. The most prominent models and benchmarks rely on improving the accuracy of predictions and the time for convergence by some sort of a priori processing of the dataset that is used for the training of the neural network, such as hyperparameter tuning and feature selection techniques. What has been overlooked so far is the possible benefit of a posteriori processing, which would consider the effects of parameters that could refine the predictions once they have been made. Such a parameter is the estimation of the residual training error. In this study, we investigate the effect of residual training error estimation for the day-ahead price forecasting task and propose an error compensation deep neural network model (ERC–DNN) that focuses on the minimization of prediction error, while reinforcing error stability through the integration of an autoregression module. The experiments on the Nord Pool power market indicated that this approach yields improved error metrics when compared to the baseline deep learning structure in different training scenarios, and the refined predictions for each hourly sequence shared a more stable error profile. The proposed method contributes towards the development of more flexible hybrid neural network models and the potential integration of the error estimation module in future benchmarks, given a small and interpretable set of hyperparameters. [ABSTRACT FROM AUTHOR]