Medium term system load forecasting with a dynamic artificial neural network model

This paper presents the development of a dynamic artificial neural network model (DAN2) for medium term electrical load forecasting (MTLF). Accurate MTLF provides utilities information to better plan power generation expansion (or purchase), schedule maintenance activities, perform system improvements, negotiate forward contracts and develop cost efficient fuel purchasing strategies. We present a yearly model that uses past monthly system loads to forecast future electrical demands. We also show that the inclusion of weather information improves load forecasting accuracy. Such models, however, require accurate weather forecasts, which are often difficult to obtain. Therefore, we have developed an alternative: seasonal models that provide excellent fit and forecasts without reliance upon weather variables. All models are validated using actual system load data from the Taiwan Power Company. Both the yearly and seasonal models produce mean absolute percent error (MAPE) values below 1%, demonstrating the effectiveness of DAN2 in forecasting medium term loads. Finally, we compare our results with those of multiple linear regressions (MLR), ARIMA and a traditional neural network model.