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Short‐term electricity load and price forecasting based on clustering and next symbol prediction

Short‐term electricity load and price forecasting based on clustering and next symbol prediction Short‐term electricity load and price forecasting is an important issue in competitive electricity markets. In this paper, we propose a new direct time series forecasting method based on clustering and next symbol prediction. First, the cluster label sequence is obtained from time series clustering. Then a lossless compression algorithm of prediction by partial match version C coder (PPMC) is applied on this obtained discrete cluster label sequence to predict the next cluster label. Finally, the whole time series values of one‐step‐ahead can be directly forecast from the predicted cluster label. The proposed method is evaluated on electricity time series datasets, and the numerical experiments show that the proposed method can achieve promising results in day‐ahead electricity load and price forecasting. © 2014 Institute of Electrical Engineers of Japan. Published by John Wiley & Sons, Inc. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png IEEJ Transactions on Electrical and Electronic Engineering Wiley

Short‐term electricity load and price forecasting based on clustering and next symbol prediction

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References (30)

Publisher
Wiley
Copyright
© 2015 Institute of Electrical Engineers of Japan. Published by John Wiley & Sons, Inc.
ISSN
1931-4973
eISSN
1931-4981
DOI
10.1002/tee.22050
Publisher site
See Article on Publisher Site

Abstract

Short‐term electricity load and price forecasting is an important issue in competitive electricity markets. In this paper, we propose a new direct time series forecasting method based on clustering and next symbol prediction. First, the cluster label sequence is obtained from time series clustering. Then a lossless compression algorithm of prediction by partial match version C coder (PPMC) is applied on this obtained discrete cluster label sequence to predict the next cluster label. Finally, the whole time series values of one‐step‐ahead can be directly forecast from the predicted cluster label. The proposed method is evaluated on electricity time series datasets, and the numerical experiments show that the proposed method can achieve promising results in day‐ahead electricity load and price forecasting. © 2014 Institute of Electrical Engineers of Japan. Published by John Wiley & Sons, Inc.

Journal

IEEJ Transactions on Electrical and Electronic EngineeringWiley

Published: Mar 1, 2015

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