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ELECTRICITY LOAD AND PRICE FORECASTING USING MACHINE LEARNING ALGORITHMS IN SMART GRID
Author Name

JIM MATHEW PHILIP, K.KISHORE, M. MADHAN, G.NAVEEN

Abstract

Energy intake prediction is crucial for energy supply companies, allowing thermo adjust pricing and anticipate high-demand periods based on consumer behaviour. Forecasting predicts future values of time series data. Load forecasting estimates energy consumption using customer behaviour data, with short-term forecasts helping to prevent overloads and improve network reliability. The system consists of two models: a network for load forecasting, designed to capture temporal patterns in energy consumption, and an XGBoost model for price forecasting, which is particularly effective with tabular data. A meta-learner combines the outputs of these two models to improve accuracy. Data is pre-processed and organized by key features, such as seasonality. Deployments can take place in real-time using Docker and SQLite3 as lightweight databases. Additionally, a REST API allows utilities to integrate with utility software, while a Grafana dashboard visualizes both historical and real-time forecasts. This system enables energy providers to optimize resource allocation, anticipate peak demand, and manage pricing strategies effectively. Ultimately, it enhances grid management and supports the development of a more resilient energy infrastructure.

 



Published On :
2025-05-01

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