A review of the decomposition methodology for extracting and identifying the fluctuation characteristics in electricity demand forecasting

Zhen Shao, Fu Chao, Shan-Lin Yang and Kai-Le Zhou

Renewable and Sustainable Energy Reviews, 2017, vol. 75, issue C, 123-136

Abstract: Electricity consumption data is regarded as nonlinear, non-stationary series, and is often made up by a superposition of several distinct frequencies. Thus most of the conventional approaches currently employed for the modeling and forecasting involve great complexity and uncertainty. Recently, fluctuation characteristic analysis has increasingly become essential step in the application of electricity demand forecasting, yet the implementation of this analysis is an inherently difficult task. To obtain reasonable accuracy and stability in the modeling, there has been the tendency to accommodate multidimensional attributes of the consumption demands with decomposition based approach in terms of more advanced and hybrid form. And the decomposition can be achieved through utilization of two different procedures, namely component model-based and frequency domain analysis-based decomposition. Consequently, a comprehensive review and summarization of decomposition based approach for the prediction is conducted in this paper. More specifically, the issues of demand forecasting classification, the dependency between the electricity demand and external indicators, features of various decomposition approach, as well as the unique fluctuation characteristic of electricity demand at different time scales are discussed. In addition, future research directions of the decomposition based prediction approach are outlined.

Keywords: Decomposition; Frequency domain analysis; Component model; Short term forecast; Mid-long term forecast; Electricity demand (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (21)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1364032116307080
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:rensus:v:75:y:2017:i:c:p:123-136

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/journaldescription.cws_home/600126/bibliographic
http://www.elsevier. ... 600126/bibliographic

DOI: 10.1016/j.rser.2016.10.056

Access Statistics for this article

Renewable and Sustainable Energy Reviews is currently edited by L. Kazmerski

More articles in Renewable and Sustainable Energy Reviews from Elsevier
Bibliographic data for series maintained by Catherine Liu ().