Currently the UK Electric market is guided by load (demand) forecasts published every thirty minutes by the regulator. A key factor in predicting demand is weather conditions, with forecasts published every hour. We present HYENA: a hybrid predictive model that combines feature engineering (selection of the candidate predictor features), mobile-window predictors and finally LSTM encoder-decoders to achieve higher accuracy with respect to mainstream models from the literature. HYENA decreased MAPE loss by 16\% and RMSE loss by 10\% over the best available benchmark model, thus establishing a new state of the art for the UK electric load (and price) forecasting.
@article{arxiv.2205.10449,
title = {A Hybrid Model for Forecasting Short-Term Electricity Demand},
author = {Maria Eleni Athanasopoulou and Justina Deveikyte and Alan Mosca and Ilaria Peri and Alessandro Provetti},
journal= {arXiv preprint arXiv:2205.10449},
year = {2022}
}