Mid-term electricity load prediction using CNN and Bi-LSTM

Abstract

Electricity is one of the critical role players to build an economy. Electricity consumption and generation can affect the overall policy of the country. Such importance opens an area for intelligent systems that can provide future insights. Intelligent management for electric power consumption requires future electricity power consumption prediction with less error. These predictions provide insights for making decisions to smooth line the policy and grow the country's economy. Future prediction can be categorized into three categories, namely (1) Long-Term, (2) Short-Term, and (3) Mid-Term predictions. For our study, we consider the Mid-Term electricity consumption prediction. Dataset provided by Korea Electric power supply to get insights for a metropolitan city like Seoul. Dataset is in time-series, so statistical and machine learning models can be used. This study provides experimental results from the proposed ARIMA and CNN-Bi-LSTM. Hyperparameters are tuned for ARIMA and neural network models to increase the models' accuracy, which looks promising as RMSE for training is 0.14 and 0.20 RMSE for testing.