A NEW APPROACH FOR DEMAND FORECASTING OF ELECTRIC POWER IN KOREA
DOI:
https://doi.org/10.23055/ijietap.2012.19.1.356Keywords:
Demand forecasting, electric power, moving averageAbstract
Many forecasting methods for electric power demand have been developed. In Korea, however, these kinds of methods do not work correctly. A peculiar seasonality in Korea increases the forecasting error produced by previous methods. Two big festivals, Chuseok and Seol, also produce forecasting errors. Therefore, a new demand forecasting model is required. In this paper, we introduce a new model for electric power demand forecasting which is appropriate to Korea. We start the research using the concept of weekday average. The final goal is to forecast hourly demand for both the long and short term. We finally obtain the result with accuracy of over 95%.
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