Improving Wind Power Forecasts: Combination through Multivariate Dimension Reduction Techniques

Abstract

Wind energy and wind power forecast errors have a direct impact on operational decision problems involved in the integration of this form of energy into the electricity system. As the relationship between wind and the generated power is highly nonlinear and time-varying, and given the increasing number of available forecasting techniques, it is possible to use alternative models to obtain more than one prediction for the same hour and forecast horizon. To increase forecast accuracy, it is possible to combine the different predictions to obtain a better one or to dynamically select the best one in each time period. Hybrid alternatives based on combining a few selected forecasts can be considered when the number of models is large. One of the most popular ways to combine forecasts is to estimate the coefficients of each prediction model based on its past forecast errors. As an alternative, we propose using multivariate reduction techniques and Markov chain models to combine forecasts. The combination is thus not directly based on the forecast errors. We show that the proposed combination strategies based on dimension reduction techniques provide competitive forecasting results in terms of the Mean Square Error.

Short-Term Wind Power Prediction Based on a Hybrid Markov-Based PSO-BP Neural Network

“…Among the traditional statistical forecasting models for wind power, Markov-based prediction models are prominent in terms of their performance. This prediction model is simple and practical and can simulate wind time-series correlation properties, resulting in a considerable amount of research in this area [5][6][7][8][9][10][11][12].…”

The optimal interval combination prediction model based on vectorial angle cosine and a new aggregation operator for social security level prediction

“…The combination prediction method was proposed by Bates and Granger (1969) and has become the focus of research at home and abroad in energy (Barassi & Zhao, 2018; Poncela‐Blanco & Poncela, 2021), environment (Avdeeva et al, 2019; Paulraj et al, 2016), tourism (Fatema et al, 2022; Song & Lee, 2009), and so on and most recently in West Texas Intermediate crude oil (Sohrabi et al, 2022) and COVID‐19 (Taylor & Taylor, 2022). Yager (1988) introduced the ordered weighted averaging (OWA) in combination prediction method for aggregate the exact arguments that lie between the max and the min operators, which has substantially increased the forecast precision.…”