NEXT-HOUR ELECTRICITY PRICE FORECASTING USING LEAST SQUARES SUPPORT VECTOR MACHINE AND GENETIC ALGORITHM

Authors

  • Intan Azmira Wan Abdul Razak Faculty of Electrical Engineering, Universiti Teknikal Malaysia Melaka (UTeM), 76100, Durian Tunggal, Melaka, Malaysia
  • Izham Zainal Abidin College of Engineering, National Energy University (UNITEN), 43000, Kajang, Selangor, Malaysia
  • Yap Keem Siah College of Engineering, National Energy University (UNITEN), 43000, Kajang, Selangor, Malaysia
  • Mohamad Fani Sulaima Faculty of Electrical Engineering, Universiti Teknikal Malaysia Melaka (UTeM), 76100, Durian Tunggal, Melaka, Malaysia

DOI:

https://doi.org/10.11113/aej.v12.17276

Keywords:

Genetic algorithm, least squares support vector machine, Next-hour, electricity price forecasting

Abstract

Predicting the price of electricity is crucial for the operation of power systems. Short-term electricity price forecasting deals with forecasts from an hour to a day ahead. Hourly-ahead forecasts offer expected prices to market participants before operation hours. This is especially useful for effective bidding strategies where the bidding amount can be reviewed or changed before the operation hours. Nevertheless, many existing models have relatively low prediction accuracy. Furthermore, single prediction models are typically less accurate for different scenarios. Thus, a hybrid model comprising least squares support vector machine (LSSVM) and genetic algorithm (GA) was developed in this work to predict electricity prices with higher accuracy. This model was tested on the Ontario electricity market. The inputs, which were the hourly Ontario electricity price (HOEP) and demand for the previous seven days, as well as 1-h pre-dispatch price (PDP), were optimized by GA to prevent losing potentially important inputs. At the same time, the LSSVM parameters were optimized by GA to obtain accurate forecasts. The hybrid LSSVM-GA model was shown to produce an average mean absolute percentage error (MAPE) of 8.13% and the structure of this model is less complex compared with other models developed in previous studies. This is due to the fact that only two algorithms were used (LSSVM and GA), with the load and HOEP for the week preceding the forecasting hour as the inputs. Based on the results, it is concluded that the proposed hybrid algorithm is a promising alternative to produce good electricity price forecasts.

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Published

2022-08-31

How to Cite

Wan Abdul Razak, I. A. ., Zainal Abidin, I. ., Keem Siah, Y. ., & Sulaima, M. F. . (2022). NEXT-HOUR ELECTRICITY PRICE FORECASTING USING LEAST SQUARES SUPPORT VECTOR MACHINE AND GENETIC ALGORITHM . ASEAN Engineering Journal, 12(3), 11-17. https://doi.org/10.11113/aej.v12.17276

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