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The prediction of future drought is an effective mitigation tool for assessing adverse consequences of drought events on vital water resources, agriculture, ecosystems and hydrology. Data-driven model predictions using machine learning algorithms are promising tenets for these purposes as they require less developmental time, minimal inputs and are relatively less complex than the dynamic or physical model. This paper authenticates a computationally simple, fast and efficient non-linear algorithm known as extreme learning machine (ELM) for the prediction of Effective Drought Index (EDI) in eastern Australia using input data trained from 1957–2008 and the monthly EDI predicted over the period 2009–2011. The predictive variables for the ELM model were the rainfall and mean, minimum and maximum air temperatures, supplemented by the large-scale climate mode indices of interest as regression covariates, namely the Southern Oscillation Index, Pacific Decadal Oscillation, Southern Annular Mode and the Indian Ocean Dipole moment. To demonstrate the effectiveness of the proposed data-driven model a performance comparison in terms of the prediction capabilities and learning speeds was conducted between the proposed ELM algorithm and the conventional artificial neural network (ANN) algorithm trained with Levenberg–Marquardt back propagation. The prediction metrics certified an excellent performance of the ELM over the ANN model for the overall test sites, thus yielding Mean Absolute Errors, Root-Mean Square Errors, Coefficients of Determination and Willmott's Indices of Agreement of 0.277, 0.008, 0.892 and 0.93 (for ELM) and 0.602, 0.172, 0.578 and 0.92 (for ANN) models. Moreover, the ELM model was executed with learning speed 32 times faster and training speed 6.1 times faster than the ANN model. An improvement in the prediction capability of the drought duration and severity by the ELM model was achieved. Based on these results we aver that out of the two machine learning algorithms tested, the ELM was the more expeditious tool for prediction of drought and its related properties. [ABSTRACT FROM AUTHOR]

Abstract: With the introduction of restructuring into the electric power industry, the price of electricity has become the focus of all activities in the power market. Electricity price forecast is key information for electricity market managers and participants. However, electricity price is a complex signal due to its non-linear, non-stationary, and time variant behavior. In spite of performed research in this area, more accurate and robust price forecast methods are still required. In this paper, a new forecast strategy is proposed for day-ahead price forecasting of electricity markets. Our forecast strategy is composed of a new two stage feature selection technique and cascaded neural networks. The proposed feature selection technique comprises modified Relief algorithm for the first stage and correlation analysis for the second stage. The modified Relief algorithm selects candidate inputs with maximum relevancy with the target variable. Then among the selected candidates, the correlation analysis eliminates redundant inputs. Selected features by the two stage feature selection technique are used for the forecast engine, which is composed of 24 consecutive forecasters. Each of these 24 forecasters is a neural network allocated to predict the price of 1h of the next day. The whole proposed forecast strategy is examined on the Spanish and Australia’s National Electricity Markets Management Company (NEMMCO) and compared with some of the most recent price forecast methods. [Copyright &y& Elsevier]