Abstract-Electricity price, consumption, and demand forecasting has been a topic of research interest for a long time. The proliferation of smart meters has created new opportunities in energy prediction. This paper investigates energy cost forecasting in the context of entertainment event-organizing venues, which poses significant difficulty due to fluctuations in energy demand and wholesale electricity prices. The objective is to predict the overall cost of energy consumed during an entertainment event. Predictions are carried out separately for each event category and feature selection is used to select the most effective combination of event attributes for each category. Three machine learning approaches are considered: k-nearest neighbor (KNN) regression, support vector regression (SVR) and neural networks (NN). These approaches are evaluated on a case study involving a large event venue in Southern Ontario. In terms of prediction accuracy, KNN regression achieved the lowest average error. Error rates varied greatly among different event categories.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
customersupport@researchsolutions.com
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.