Short-Term Electricity Demand Forecasting and warning signal generation

Abstract

Short-Term Electricity Demand Forecasting (STEDF) provides many advantages for electricity suppliers as well as consumers. In this chapter the authors focus on STEDF and how it contributes to demand side load management. Different types of electricity demand forecasting methods are highlighted. A case study is done by selecting a medium voltage industrial consumer to illustrate the applications of STEDF. The model developed for demand forecasting can be used with smart meters to forecast the demand, calculate the maximum demand and to control the demand side loads. Furthermore the forecasted demand can also be used to generate warning signals regarding maximum demand. Ultimately the proposed system will help reduce the demand and save the electricity bill for both residential and industrial consumers.