Dynamic time scan forecasting for multi-step wind speed prediction

Marcelo Azevedo Costa, Ramiro Ruiz-Cárdenas, Leandro Brioschi Mineti and Marcos Oliveira Prates

Renewable Energy, 2021, vol. 177, issue C, 584-595

Abstract: Multi-step forecasting of wind speed time series, especially for day-ahead and longer time horizons, is still a challenging problem in the wind energy sector. In this paper, a novel analog-based methodology to perform multi-step forecasting in univariate time series, named dynamic time scan forecasting (DTSF), is presented. DTSF is a fast time series forecasting methodology for large data sets. Thus, the proposed method is optimal for forecasting renewable energy features such as wind speed, in which standard statistical and soft computing methods present limitations. A scan procedure is applied to identify similar patterns, named best matches, throughout the time series. As opposed to euclidean distance, more flexible similarity functions, using polynomial regression models, are dynamically estimated and Goodness-of-fit statistics are used to find the best matches. The observed values following the best matches and the fitted similarity functions are used to predict k-steps ahead, as well as forecasting intervals. An ensemble version of the method, named eDTSF, combines different predictions using different set of parameters thus, further improving forecasting performance. Remarkably, eDTSF achieved competitive results for multi-step forecasting of wind speed time series, even in situations of very high variability, as compared to eleven selected concurrent forecasting methods.

Keywords: Time series; Analog-based-forecast; Ensemble forecasting; Scan statistics (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:renene:v:177:y:2021:i:c:p:584-595

DOI: 10.1016/j.renene.2021.05.160

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