Forecasting Chinese Wind Power Installed Capacity Using a Novel Grey Model with Parameters Combination Optimization

Xiaoshuang Luo, Bo Zeng, Hui Li, Wenhao Zhou and Lifeng Wu

Journal of Mathematics, 2021, vol. 2021, 1-14

Abstract: The intermittent and uncertain characteristics of wind generation have brought new challenges for the hosting capacity and the integration of large-scale wind power into the power system. Consequently, reasonable forecasting wind power installed capacity (WPIC) is the most effective and applicable solution to meet this challenge. However, the single parameter optimization of the conventional grey model has some limitations in improving its modeling ability. To this end, a novel grey prediction model with parameters combination optimization is proposed in this paper. Firstly, considering the modeling mechanism and process, the order of accumulation generation of the grey prediction model is optimized by Particle Swarm Optimization (PSO) Algorithm. Secondly, as different orders of accumulation generation correspond to different parameter matrixes, the background value coefficient of the grey prediction model is optimized based on the optimal accumulation order. Finally, the novel model of combinational optimization is employed to simulate and forecast Chinese WPIC, and the comprehensive error of the novel model is only 1.34%, which is superior to the other three grey prediction models (2.82%, 1.68%, and 2.60%, respectively). The forecast shows that China’s WPIC will keep growing in the next five years, and some reasonable suggestions are put forward from the standpoint of the practitioners and governments.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:hin:jjmath:9200560

DOI: 10.1155/2021/9200560

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