A Novel Machine Learning-Based Price Forecasting for Energy Management Systems

Abstract

Price forecasting (PF) is the primary concern in distributed power generation. This paper presents a novel and improved technique to forecast electricity prices. The data of various power producers, Capacity Purchase Price (CPP), Power Purchase Price (PPP), Tariff rates, and load demand from National Electric Power Regulatory Authority (NEPRA) are considered for MAPE reduction in PF. Eight time-series and auto-regression algorithms are developed for data fetching and setting the objective function. The feed-forward ANFIS based on the ML approach and space vector regression (SVR) is introduced to PF by taking the input from time series and auto-regression (AR) algorithms. Best-feature selection is conducted by adopting the Binary Genetic Algorithm (BGA)-Principal Component Analysis (PCA) approach that ultimately minimizes the complexity and computational time of the model. The proposed integration strategy computes the mean absolute percentage error (MAPE), and the overall improvement percentage is 9.24%, which is valuable in price forecasting of the energy management system (EMS). In the end, EMS based on the Firefly algorithm (FA) has been presented, and by implementing FA, the cost of electricity has been reduced by 21%, 19%, and 20% for building 1, 2, and 3, respectively.