Modeling of electricity demand forecast for power system

Crowdsourced Electricity Demand Forecast

We propose a new approach to forecasting the demand for a commodity in which the commodity supplier asks each consumer to forecast its own demand for the commodity and in return gives a monetary reward that is proportional to the accuracy of the forecast. Such an approach might be applicable when consumer demand for a perishable commodity is uncertain and forecast error leads to waste for produ...

Prediction Markets To Forecast Electricity Demand∗

Forecasting electricity demand for future years is an essential step in resource planning. A common approach is for the system operator to predict future demand from the estimates of individual distribution companies. However, the predictions thus obtained may be of poor quality, since the reporting incentives are unclear. We propose a prediction market as a form of forecasting future demand fo...

Flexible Demand for Electricity and Power

The Use of Smart Meter Data to Forecast Electricity Demand

Over the past years, smart meters have been widely deployed in many countries. These devices replace conventional electrical meters and are able to provide measurements for time intervals of typically less than one hour and can send these to the utility. This technology provides utilities a large amount of data and the opportunity to use this data to improve the way they run the grid. We want t...

A Three-phase Hybrid Times Series Modeling Framework for Improved Hospital Inventory Demand Forecast

Background and Objectives: Efficient cost management in hospitals’ pharmaceutical inventories have the potential to remarkably contribute to optimization of overall hospital expenditures. To this end, reliable forecasting models for accurate prediction of future pharmaceutical demands are instrumental. While the linear methods are frequently used for forecasting purposes chiefly due to their si...