Forecasting the Monash Microgrid for the IEEE-CIS Technical Challenge

Abstract

Effective operation of a microgrid depends critically on accurate forecasting of its components. Recently, internet forecasting competitions have been used to determine the best methods for energy forecasting, with some competitions having a special focus on microgrids and COVID-19 energy-use forecasting. This paper describes forecasting for the IEEE Computational Intelligence Society 3rd Technical Challenge, which required predicting solar and building loads of a microgrid system at Monash University for the month of November 2020. The forecast achieved the lowest error rate in the competition. We review the literature on recent energy forecasting competitions and metrics and explain how the solution drew from top-ranked solutions in previous energy forecasting competitions such as the Global Energy Forecasting Competition series. The techniques can be reapplied in other forecasting endeavours, while approaches to some of the time-series forecasting are more ad hoc and specific to the competition. Novel thresholding approaches were used to improve the quality of the input data. As the training and evaluation phase of the challenge occurred during COVID-19 lockdown and reopening, the building demand was subject to pandemic-related effects. Finally, we assess other data sources which would have improved the model forecast skill such as data from different numerical weather prediction (NWP) models, solar observations, and high-resolution price and demand data in the vicinity of the campus.

Contrasting Univariate and Multivariate Time Series Forecasting Methods for Sales: A Comparative Analysis

“…) is a commonly used metric for evaluating the accuracy of predictions, particularly in the context of time series data. Its purpose is to measure the relative magnitude of forecast errors compared to a benchmark forecast, providing a means to assess the relative performance of forecasting models (Bean, 2023). The formula for MASE is as follows:…”