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Improving solar forecasting using Deep Learning and Portfolio Theory integration

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  • Lima, Marcello Anderson F.B.
  • Carvalho, Paulo C.M.
  • Fernández-Ramírez, Luis M.
  • Braga, Arthur P.S.

Abstract

Solar energy has been consolidated as one of the main renewable energy sources capable of contributing to supply global energy demand. However, the solar resource has intermittent feature in electricity production, making it difficult to manage the electrical system. Hence, we propose the application of Deep Learning (DL), one of the emerging themes in the field of Artificial Intelligence (AI), as a solar predictor. To attest its capacity, the technique is compared with other consolidated solar forecasting strategies such as Multilayer Perceptron, Radial Base Function and Support Vector Regression. Additionally, integration of AI methods in a new adaptive topology based on the Portfolio Theory (PT) is proposed hereby to improve solar forecasts. PT takes advantage of diversified forecast assets: when one of the assets shows prediction errors, these are offset by another asset. After testing with data from Spain and Brazil, results show that the Mean Absolute Percentage Error (MAPE) for predictions using DL is 6.89% and for the proposed integration (called PrevPT) is 5.36% concerning data from Spain. For the data from Brazil, MAPE for predictions using DL is 6.08% and 4.52% for PrevPT. In both cases, DL and PrevPT results are better than the other techniques being used.

Suggested Citation

  • Lima, Marcello Anderson F.B. & Carvalho, Paulo C.M. & Fernández-Ramírez, Luis M. & Braga, Arthur P.S., 2020. "Improving solar forecasting using Deep Learning and Portfolio Theory integration," Energy, Elsevier, vol. 195(C).
    • Handle: RePEc:eee:energy:v:195:y:2020:i:c:s0360544220301237
    DOI: 10.1016/j.energy.2020.117016
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    2. Sabadus, Andreea & Blaga, Robert & Hategan, Sergiu-Mihai & Calinoiu, Delia & Paulescu, Eugenia & Mares, Oana & Boata, Remus & Stefu, Nicoleta & Paulescu, Marius & Badescu, Viorel, 2024. "A cross-sectional survey of deterministic PV power forecasting: Progress and limitations in current approaches," Renewable Energy, Elsevier, vol. 226(C).
    3. Ma, Yilin & Wang, Yudong & Wang, Weizhong & Zhang, Chong, 2023. "Portfolios with return and volatility prediction for the energy stock market," Energy, Elsevier, vol. 270(C).
    4. Chen, Chen & Liu, Dinghao & Xian, Liang & Pan, Lin & Wang, Lihua & Yang, Min & Quan, Li, 2020. "Best-case scenario robust portfolio for energy stock market," Energy, Elsevier, vol. 213(C).
    5. Xu, Fang Yuan & Tang, Rui Xin & Xu, Si Bin & Fan, Yi Liang & Zhou, Ya & Zhang, Hao Tian, 2021. "Neural network-based photovoltaic generation capacity prediction system with benefit-oriented modification," Energy, Elsevier, vol. 223(C).
    6. Wen-Chang Tsai & Chia-Sheng Tu & Chih-Ming Hong & Whei-Min Lin, 2023. "A Review of State-of-the-Art and Short-Term Forecasting Models for Solar PV Power Generation," Energies, MDPI, vol. 16(14), pages 1-30, July.

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