Short-Term Load Forecasting Using Parametric and Non-parametric Approaches

Electricity sector of any country contributes a good amount in its GDP. Hence, big losses or inefficiency in this sector can not be tolerated. Hence, load forecasting is the need of hour. Since, nowadays, there is much variety in load consumptions, short-term load forecasting is gaining more attention. This paper will focus on an accurate and reliable short-term load forecasting (STLF) system which will reduce system operation cost and make system more reliable. Time series models are applied on GEFCom 2014 dataset. Two types of approaches, parametric and non-parametric, have been used and compared. In this paper, state-of-the-art models (XGBoost and LSTM) from both approaches are used.