Empowering Sustainability: A Consumer-Centric Analysis Based on Advanced Electricity Consumption Predictions

The System Marginal Price (SMP) is the cost of the last unit of electricity supplied to the grid, reflecting the supply–demand equilibrium and serving as a key indicator of market conditions. Accurate SMP forecasting is essential for ensuring market stability and economic efficiency. This study addresses the challenges of SMP prediction in Turkey by proposing a comprehensive forecasting framework that integrates machine learning, deep learning, and statistical models. Advanced feature selection techniques, such as Minimum Redundancy Maximum Relevance (mRMR) and Maximum Likelihood Feature Selector (MLFS), are employed to refine model inputs. The framework incorporates time series methods like Multilayer Perceptron (MLP), Long Short-Term Memory (LSTM), Bidirectional LSTM (Bi-LSTM), and Convolutional LSTM (ConvLSTM) to capture complex temporal patterns, alongside models such as Support Vector Machine (SVM), Extreme Gradient Boosting (XGBoost), and Extreme Learning Machine (ELM) for modeling non-linear relationships. Model performance was evaluated using the Mean Absolute Percentage Error (MAPE) across regular weekdays, weekends, and public holidays. XGBoost combined with MLFS consistently achieved the lowest MAPE values, demonstrating exceptional accuracy and robustness. Among all of the models, XGBoost combined with MLFS consistently achieved the lowest MAPE values, demonstrating superior accuracy and robustness. The results highlight the inadequacy of traditional models like ARIMA and SARIMA in capturing non-linear and highly volatile patterns, reinforcing the necessity of using advanced techniques for effective SMP forecasting. Overall, this study presents a novel and comprehensive approach tailored for complex electricity markets, significantly enhancing predictive reliability by incorporating economic indicators and sophisticated feature selection methods.

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The Characteristics of ARMA (ARIMA) Model and Some Key Points to Be Noted in Application: A Case Study of Changtan Reservoir, Zhejiang Province, China

Liu,

Cui,

Ding

et al. 2024

Sustainability

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Accurate water quality prediction is the basis for good water environment management and sustainable use of water resources. As an important time series forecasting model, the Autoregressive Moving Average Model (ARMA) plays a crucial role in environmental management and sustainability research. This study addresses the factors that affect the ARMA model’s forecast accuracy and goodness of fit. The research results show that the sample size used for model parameters estimation is the main influencing factor for the goodness of fit of an ARMA model, and the prediction time is the main factor affecting the prediction error of the model. Constructing a stable and reliable ARMA model requires a certain number of samples for the estimation of model parameters. However, using an excessive number of samples will not further improve the ARMA model’s goodness of fit but rather increase the workload and difficulty of data collection. The ARMA model is not suitable for long-term forecasting because the prediction error of ARMA models increases with the increase of prediction time, and when the prediction time exceeds a certain limit, the fitted values of an ARMA model will almost no longer change with the time, which means the model has lost its significance of prediction. For time series with periodic components, introducing periodic adjustment factors into the ARMA model can reduce the prediction error. These findings enable environmental managers and researchers to apply the ARMA model more rationally, hence developing more precise pollution control and sustainable development plans.

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Empowering Sustainability: A Consumer-Centric Analysis Based on Advanced Electricity Consumption Predictions

Cited by 4 publications

References 101 publications

Analysis of SARIMA Models for Forecasting Electricity Demand

Analysis of SARIMA Models for Forecasting Electricity Demand

Development of New Electricity System Marginal Price Forecasting Models Using Statistical and Artificial Intelligence Methods

The Characteristics of ARMA (ARIMA) Model and Some Key Points to Be Noted in Application: A Case Study of Changtan Reservoir, Zhejiang Province, China

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