Daily Peak-Electricity-Demand Forecasting Based on Residual Long Short-Term Network

Hyunsoo Kim, Jiseok Jeong and Changwan Kim ()
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Hyunsoo Kim: Department of Smart City, Chung-Ang University, Seoul 06974, Republic of Korea
Jiseok Jeong: Department of Smart City, Chung-Ang University, Seoul 06974, Republic of Korea
Changwan Kim: Department of Smart City, Chung-Ang University, Seoul 06974, Republic of Korea

Mathematics, 2022, vol. 10, issue 23, 1-17

Abstract: Forecasting the electricity demand of buildings is a key step in preventing a high concentration of electricity demand and optimizing the operation of national power systems. Recently, the overall performance of electricity-demand forecasting has been improved through the application of long short-term memory (LSTM) networks, which are well-suited to processing time-series data. However, previous studies have focused on improving the accuracy in forecasting only overall electricity demand, but not peak demand. Therefore, this study proposes adding residual learning to the LSTM approach to improve the forecast accuracy of both peak and total electricity demand. Using a residual block, the residual LSTM proposed in this study can map the residual function, which is the difference between the hypothesis and the observed value, and subsequently learn a pattern for the residual load. The proposed model delivered root mean square errors (RMSE) of 10.5 and 6.91 for the peak and next-day electricity demand forecasts, respectively, outperforming the benchmark models evaluated. In conclusion, the proposed model provides highly accurate forecasting information, which can help consumers achieve an even distribution of load concentration and countries achieve the stable operation of the national power system.

Keywords: electricity demand forecast; peak electricity; residual learning; long short-term memory; building electricity (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
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