LAPSE:2023.9456
Published Article

LAPSE:2023.9456
Research on Ultra-Short-Term Load Forecasting Based on Real-Time Electricity Price and Window-Based XGBoost Model
February 27, 2023
Abstract
With the continuous development of new power systems, the load demand on the user side is becoming more and more diverse and random, which also brings difficulties in the accurate prediction of power load. Although the introduction of deep learning algorithms has improved the prediction accuracy to a certain extent, it also faces problems such as large data requirements and low computing efficiency. An ultra-short-term load forecasting method based on the windowed XGBoost model is proposed, which not only reduces the complexity of the model, but also helps the model to capture the autocorrelation effect of the forecast object. At the same time, the real-time electricity price is introduced into the model to improve its forecast accuracy. By simulating the load data of Singapore’s electricity market, it is proved that the proposed model has fewer errors than other deep learning algorithms, and the introduction of the real-time electricity price helps to improve the prediction accuracy of the model. Furthermore, the broad applicability of the proposed method is verified by a sensitivity analysis on data with different sample sizes.
With the continuous development of new power systems, the load demand on the user side is becoming more and more diverse and random, which also brings difficulties in the accurate prediction of power load. Although the introduction of deep learning algorithms has improved the prediction accuracy to a certain extent, it also faces problems such as large data requirements and low computing efficiency. An ultra-short-term load forecasting method based on the windowed XGBoost model is proposed, which not only reduces the complexity of the model, but also helps the model to capture the autocorrelation effect of the forecast object. At the same time, the real-time electricity price is introduced into the model to improve its forecast accuracy. By simulating the load data of Singapore’s electricity market, it is proved that the proposed model has fewer errors than other deep learning algorithms, and the introduction of the real-time electricity price helps to improve the prediction accuracy of the model. Furthermore, the broad applicability of the proposed method is verified by a sensitivity analysis on data with different sample sizes.
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Keywords
real-time electricity price, ultra-short-term load forecasting, window-based XGBoost model
Subject
Suggested Citation
Zhao X, Li Q, Xue W, Zhao Y, Zhao H, Guo S. Research on Ultra-Short-Term Load Forecasting Based on Real-Time Electricity Price and Window-Based XGBoost Model. (2023). LAPSE:2023.9456
Author Affiliations
Zhao X: Economic and Technological Research Institute of State Grid Shandong Electric Power Company, Jinan 250022, China
Li Q: Economic and Technological Research Institute of State Grid Shandong Electric Power Company, Jinan 250022, China
Xue W: Economic and Technological Research Institute of State Grid Shandong Electric Power Company, Jinan 250022, China
Zhao Y: School of Economics and Management, North China Electric Power University, Beijing 102206, China [ORCID]
Zhao H: School of Economics and Management, North China Electric Power University, Beijing 102206, China
Guo S: School of Economics and Management, North China Electric Power University, Beijing 102206, China
Li Q: Economic and Technological Research Institute of State Grid Shandong Electric Power Company, Jinan 250022, China
Xue W: Economic and Technological Research Institute of State Grid Shandong Electric Power Company, Jinan 250022, China
Zhao Y: School of Economics and Management, North China Electric Power University, Beijing 102206, China [ORCID]
Zhao H: School of Economics and Management, North China Electric Power University, Beijing 102206, China
Guo S: School of Economics and Management, North China Electric Power University, Beijing 102206, China
Journal Name
Energies
Volume
15
Issue
19
First Page
7367
Year
2022
Publication Date
2022-10-07
ISSN
1996-1073
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Original Submission
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PII: en15197367, Publication Type: Journal Article
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LAPSE:2023.9456
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https://doi.org/10.3390/en15197367
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Feb 27, 2023
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