Energies 2013, 6(4), 2130-2148; doi:10.3390/en6042130

A New Two-Stage Approach to Short Term Electrical Load Forecasting

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Received: 28 December 2012; in revised form: 11 March 2013 / Accepted: 1 April 2013 / Published: 18 April 2013
(This article belongs to the Special Issue Hybrid Advanced Techniques for Forecasting in Energy Sector)
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract: In the deregulated energy market, the accuracy of load forecasting has a significant effect on the planning and operational decision making of utility companies. Electric load is a random non-stationary process influenced by a number of factors which make it difficult to model. To achieve better forecasting accuracy, a wide variety of models have been proposed. These models are based on different mathematical methods and offer different features. This paper presents a new two-stage approach for short-term electrical load forecasting based on least-squares support vector machines. With the aim of improving forecasting accuracy, one more feature was added to the model feature set, the next day average load demand. As this feature is unknown for one day ahead, in the first stage, forecasting of the next day average load demand is done and then used in the model in the second stage for next day hourly load forecasting. The effectiveness of the presented model is shown on the real data of the ISO New England electricity market. The obtained results confirm the validity advantage of the proposed approach.
Keywords: short-term load forecasting; least-squares support vector machines; average daily load; two-stage approach
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MDPI and ACS Style

Božić, M.; Stojanović, M.; Stajić, Z.; Tasić, D. A New Two-Stage Approach to Short Term Electrical Load Forecasting. Energies 2013, 6, 2130-2148.

AMA Style

Božić M, Stojanović M, Stajić Z, Tasić D. A New Two-Stage Approach to Short Term Electrical Load Forecasting. Energies. 2013; 6(4):2130-2148.

Chicago/Turabian Style

Božić, Miloš; Stojanović, Miloš; Stajić, Zoran; Tasić, Dragan. 2013. "A New Two-Stage Approach to Short Term Electrical Load Forecasting." Energies 6, no. 4: 2130-2148.

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