A State-of-the-Art Review of AI Techniques for Short-Term Electric Load Forecasting
According to privatization and deregulation of power system, accurate electric load forecasting has come into prominence recently. The new energy market and the smart grid paradigm ask for both better demand side management policies and for more reliable forecasts from single end-users, up to system scale. However, it is complex to predict the electric demand owing to the influencing factors such as climate factors, social activities, and seasonal factors. The methods developed for load forecasting are broadly analyzed in two categories, namely analytical techniques and artificial intelligence techniques. In the literature, commonly used analytical methods are linear regression method, Box-Jenkins method, and nonparametric regression method. The analytical methods work well under normal daily circumstances, but they can’t give contenting results while dealing with meteorological, sociological or economical changes, hence they are not updated depending on time. Therefore, artificial intelligence techniques have gained importance in reducing estimation errors. Artificial neural network, support vector machine, and adaptive neuro-fuzzy inference system are among these artificial intelligence techniques. In this paper, a state-of-the-art review of three artificial intelligence techniques for short-term electric load forecasting is comprehensively presented.