Daily average load demand forecasting using LSTM model based on historical load trends

Abstract

AbstractLoad demand forecasting is very important for the management, designing and analysis of an electrical grid system. Load forecasting has progressively become a crucial component of the energy management system with the growth of the smart micro grid. This study presents a new framework to long term load forecasting in the world of electricity power with the help of historical load trends. The main objective of this research work is estimating monthly electricity demand of an Indian state Chhattisgarh, in terms of per day average load demand using a machine learning model—Long Short‐Term Memory (LSTM). This framework considers average of each day load demand for every month of years 2018–2022 and forecasted per day average load demand for each month of the year 2023. Furthermore, the predicting accuracy is evaluated for training and testing phase, in terms of error metrics like Mean Absolute Error (MAE) and Mean Absolute Percentage Error (MAPE). The MAPE values under the training and testing phase are in the range of 0.010%–0.652% and 0.378%–10.54%, respectively. A comparative study of LSTM model with Artificial Neural Network (ANN) model indicates the proposed LSTM model is more accurate and can be applied for real time load demand forecasting.