Short-term forecasting of electricity demand by decomposition analysis

A model for short-term forecasting of electricity demand is developed, which consists of an annual base load augmented by demand variations on a weekly, daily, and hourly or half-hourly basis. Each of these components is individually modelled and forecast, and the aggregate forecast is refined by inclusion of a stochastic component for characterization of variations not attributable to elements of time. The approach is consistent with the operational concept of power system management, and can be readily adopted for on-line forecasting and control.