Long-term electricity consumption forecasting based on expert prediction and fuzzy Bayesian theory
Shiyu Liu and
Energy, 2019, vol. 167, issue C, 1144-1154
Long-term electricity consumption (EC) forecasting is a very important part for the expansion planning of power system. Instead of point forecasting, based on fuzzy Bayesian theory and expert prediction, a novel long-term probability forecasting model is proposed to predict the Chinese per-capita electricity consumption (PEC) and its variation interval over the period 2010–2030. The special model structure can improve the reliability and accuracy of expert prediction through econometric methodology. It contains three components: fuzzy relation matrix, prior prediction, and fuzzy Bayesian formula. To contend with the long-term uncertainty, the prior prediction is implemented to combine the advantages of expert's experience with other time-based methods from the perspective of probability. With the utilization of fuzzy technique, the multiple effects of influencing factors (IFs) on PEC can be expressed as a fuzzy relation matrix. It can rule the results of prior prediction to obey the long-run equilibrium relationship of natural evolution thorough probability calibration. To demonstrate its efficiency and applicability, the result of this method is compared with that of other 6 approaches and 4 agencies. The case study shows that the proposed methodology has higher accuracy and adaptability.
Keywords: Long-term; Load forecasting; Annual electricity consumption; Fuzzy Bayes; Expert prediction (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:energy:v:167:y:2019:i:c:p:1144-1154
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