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Short-term electricity price forecasting and classification in smart grids using optimized multikernel extreme learning machine

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Abstract

Short-term electricity price forecasting in deregulated electricity markets has been studied extensively in recent years but without significant reduction in price forecasting errors. Also demand-side management and short-term scheduling operations in smart grids do not require strictly very accurate forecast and can be executed with certain practical price thresholds. This paper, therefore, presents a multikernel extreme learning machine (MKELM) for both short-term electricity price forecasting and classification according to some prespecified price thresholds. The kernel ELM does not require the hidden layer mapping function to be known and produces robust prediction and classification in comparison with the conventional ELM using random weights between the input and hidden layers. Further in the MKELM formulation, the linear combination of the weighted kernels is optimized using vaporization precipitation-based water cycle algorithm (WCA) to produce significantly accurate electricity price prediction and classification. The combination of MKELM and WCA is named as WCA-MKELM in this work. To validate the effectiveness of the proposed approach, three electricity markets, namely PJM, Ontario and New South Wales, are considered for electricity price forecasting and classification producing fairly accurate results.

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Authors and Affiliations

  1. Multidisciplinary Research Cell, Siksha ‘O’ Anusandhan University, Bhubaneswar, India

    Ranjeeta Bisoi & P. K. Dash

  2. Orissa Engineering College, Bhubaneswar, India

    Pragyan P. Das

Authors
  1. Ranjeeta Bisoi
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  2. P. K. Dash
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  3. Pragyan P. Das
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Correspondence to Ranjeeta Bisoi.

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Bisoi, R., Dash, P.K. & Das, P.P. Short-term electricity price forecasting and classification in smart grids using optimized multikernel extreme learning machine. Neural Comput & Applic 32, 1457–1480 (2020). https://doi.org/10.1007/s00521-018-3652-5

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