Electricity Price Prediction with Support Vector Machine and Bacterial Foraging Optimization Algorithm for Day-Ahead model
Electric machine theory; Forecasting; Optimization; Support vector machines; Bacterial Foraging Optimization Algorithm (BFOA); Bacterial foraging optimization algorithms; Day-ahead price forecasts; Forecasting accuracy; Least square support vector machines; Multi-stage optimization; Optimization lev...
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Institute of Electrical and Electronics Engineers Inc.
2023
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my.uniten.dspace-252302023-05-29T16:07:28Z Electricity Price Prediction with Support Vector Machine and Bacterial Foraging Optimization Algorithm for Day-Ahead model Intan Azmira W.A.R. Ahmad A. Abidin I.Z. Yap K.S. Nasir M.N.M. Upkli W.R. 56602467500 55336187300 35606640500 24448864400 55658799800 57217213893 Electric machine theory; Forecasting; Optimization; Support vector machines; Bacterial Foraging Optimization Algorithm (BFOA); Bacterial foraging optimization algorithms; Day-ahead price forecasts; Forecasting accuracy; Least square support vector machines; Multi-stage optimization; Optimization levels; Uncertain condition; Power markets Predicting the price of electricity is an important aspect in the operation and planning of power systems. However, predicting the price of electricity is a relatively challenging task as it faces very uncertain conditions. Hence, this study proposes a hybrid Least Square Support Vector Machine (LSSVM) and Bacterial Foraging optimization Algorithm (BFOA) for day-ahead electricity price forecast. The main contribution of this work is the multistage optimization approach of LSSVM-BFOA that can improve the forecasting accuracy and efficiency. This is achieved by optimizing the input features and parameters of LSSVM at the same time. The input features have been reduced by six optimization levels in order to avoid losing any significant input. At the same time, the average MAPE is observed and the second stage of optimization is carried out. These processes are performed until there is no improvement in MAPE is observed. This model is examined in the Ontario power market. The LSSVM-BFOA model developed showed higher prediction accuracy with less complex model structure than most existing models. The day ahead price forecast is beneficial for both power generators and consumers in bidding for electricity prices. � 2020 IEEE. Final 2023-05-29T08:07:28Z 2023-05-29T08:07:28Z 2020 Conference Paper 10.1109/SCOReD50371.2020.9383184 2-s2.0-85103496018 https://www.scopus.com/inward/record.uri?eid=2-s2.0-85103496018&doi=10.1109%2fSCOReD50371.2020.9383184&partnerID=40&md5=483e6dbcd72ea9be03f3a606a5b60898 https://irepository.uniten.edu.my/handle/123456789/25230 2020-January 9383184 159 164 Institute of Electrical and Electronics Engineers Inc. Scopus |
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Electric machine theory; Forecasting; Optimization; Support vector machines; Bacterial Foraging Optimization Algorithm (BFOA); Bacterial foraging optimization algorithms; Day-ahead price forecasts; Forecasting accuracy; Least square support vector machines; Multi-stage optimization; Optimization levels; Uncertain condition; Power markets |
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56602467500 |
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56602467500 Intan Azmira W.A.R. Ahmad A. Abidin I.Z. Yap K.S. Nasir M.N.M. Upkli W.R. |
| format |
Conference Paper |
| author |
Intan Azmira W.A.R. Ahmad A. Abidin I.Z. Yap K.S. Nasir M.N.M. Upkli W.R. |
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Intan Azmira W.A.R. Ahmad A. Abidin I.Z. Yap K.S. Nasir M.N.M. Upkli W.R. Electricity Price Prediction with Support Vector Machine and Bacterial Foraging Optimization Algorithm for Day-Ahead model |
| author_sort |
Intan Azmira W.A.R. |
| title |
Electricity Price Prediction with Support Vector Machine and Bacterial Foraging Optimization Algorithm for Day-Ahead model |
| title_short |
Electricity Price Prediction with Support Vector Machine and Bacterial Foraging Optimization Algorithm for Day-Ahead model |
| title_full |
Electricity Price Prediction with Support Vector Machine and Bacterial Foraging Optimization Algorithm for Day-Ahead model |
| title_fullStr |
Electricity Price Prediction with Support Vector Machine and Bacterial Foraging Optimization Algorithm for Day-Ahead model |
| title_full_unstemmed |
Electricity Price Prediction with Support Vector Machine and Bacterial Foraging Optimization Algorithm for Day-Ahead model |
| title_sort |
electricity price prediction with support vector machine and bacterial foraging optimization algorithm for day-ahead model |
| publisher |
Institute of Electrical and Electronics Engineers Inc. |
| publishDate |
2023 |
| _version_ |
1806427809523957760 |
| score |
13.211869 |