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Electric Load Demand and Electricity Prices ForecastingUsing Higher Order Neural Networks Trained by Kalman Filtering

Electric Load Demand and Electricity Prices ForecastingUsing Higher Order Neural Networks Trained by Kalman Filtering
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Author(s): Edgar N. Sanchez (CINVESTAV, Unidad Guadalajara, Mexico), Alma Y. Alanis (CINVESTAV, Unidad Guadalajara, Mexico)and Jesús Rico (Universidad Michoacana de San Nicolas de Hidalgo, Mexico)
Copyright: 2009
Pages: 19
Source title: Artificial Higher Order Neural Networks for Economics and Business
Source Author(s)/Editor(s): Ming Zhang (Christopher Newport University, USA)
DOI: 10.4018/978-1-59904-897-0.ch013

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Abstract

In this chapter, we propose the use of Higher Order Neural Networks (HONNs) trained with an extended Kalman filter based algorithm to predict the electric load demand as well as the electricity prices, with beyond a horizon of 24 hours. Due to the chaotic behavior of the electrical markets, it is not advisable to apply the traditional forecasting techniques used for time series; the results presented here confirm that HONNs can very well capture the complexity underlying electric load demand and electricity prices. The proposed neural network model produces very accurate next day predictions and also, prognosticates with very good accuracy, a week-ahead demand and price forecasts.

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