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A Survey on Data Mining Techniques Applied to Electricity-Related Time Series Forecasting

Author

Listed:
  • Francisco Martínez-Álvarez

    (Division of Computer Science, Universidad Pablo de Olavide, ES-41013 Seville, Spain
    These authors contributed equally to this work.)

  • Alicia Troncoso

    (Division of Computer Science, Universidad Pablo de Olavide, ES-41013 Seville, Spain
    These authors contributed equally to this work.)

  • Gualberto Asencio-Cortés

    (Division of Computer Science, Universidad Pablo de Olavide, ES-41013 Seville, Spain)

  • José C. Riquelme

    (Department of Computer Science, University of Seville, 41012 Seville, Spain)

Abstract

Data mining has become an essential tool during the last decade to analyze large sets of data. The variety of techniques it includes and the successful results obtained in many application fields, make this family of approaches powerful and widely used. In particular, this work explores the application of these techniques to time series forecasting. Although classical statistical-based methods provides reasonably good results, the result of the application of data mining outperforms those of classical ones. Hence, this work faces two main challenges: (i) to provide a compact mathematical formulation of the mainly used techniques; (ii) to review the latest works of time series forecasting and, as case study, those related to electricity price and demand markets.

Suggested Citation

  • Francisco Martínez-Álvarez & Alicia Troncoso & Gualberto Asencio-Cortés & José C. Riquelme, 2015. "A Survey on Data Mining Techniques Applied to Electricity-Related Time Series Forecasting," Energies, MDPI, vol. 8(11), pages 1-32, November.
    • Handle: RePEc:gam:jeners:v:8:y:2015:i:11:p:12361-13193:d:59081
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    References listed on IDEAS

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    2. Bastos, Guadalupe & García-Martos, Carolina, 2017. "Electricity prices forecasting by averaging dynamic factor models," DES - Working Papers. Statistics and Econometrics. WS 24028, Universidad Carlos III de Madrid. Departamento de Estadística.
    3. Javier Pórtoles & Camino González & Javier M. Moguerza, 2018. "Electricity Price Forecasting with Dynamic Trees: A Benchmark Against the Random Forest Approach," Energies, MDPI, vol. 11(6), pages 1-21, June.
    4. Chou, Jui-Sheng & Tran, Duc-Son, 2018. "Forecasting energy consumption time series using machine learning techniques based on usage patterns of residential householders," Energy, Elsevier, vol. 165(PB), pages 709-726.
    5. Andrés M. Alonso & Guadalupe Bastos & Carolina García-Martos, 2016. "Electricity Price Forecasting by Averaging Dynamic Factor Models," Energies, MDPI, vol. 9(8), pages 1-21, July.
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    7. Xiaoyu Zhang & Zhe Shu & Rui Wang & Tao Zhang & Yabing Zha, 2018. "Short-Term Load Interval Prediction Using a Deep Belief Network," Energies, MDPI, vol. 11(10), pages 1-18, October.
    8. Stéfano Frizzo Stefenon & Roberto Zanetti Freire & Leandro dos Santos Coelho & Luiz Henrique Meyer & Rafael Bartnik Grebogi & William Gouvêa Buratto & Ademir Nied, 2020. "Electrical Insulator Fault Forecasting Based on a Wavelet Neuro-Fuzzy System," Energies, MDPI, vol. 13(2), pages 1-19, January.
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    11. Mo, Jixian & Gao, Ruobin & Fai Yuen, Kum & Bai, Xiwen, 2024. "Predictive analysis of sell-and-purchase shipping market: A PIMSE approach," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 185(C).
    12. João Vitor Leme & Wallace Casaca & Marilaine Colnago & Maurício Araújo Dias, 2020. "Towards Assessing the Electricity Demand in Brazil: Data-Driven Analysis and Ensemble Learning Models," Energies, MDPI, vol. 13(6), pages 1-20, March.
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    14. Chengdong Li & Zixiang Ding & Dongbin Zhao & Jianqiang Yi & Guiqing Zhang, 2017. "Building Energy Consumption Prediction: An Extreme Deep Learning Approach," Energies, MDPI, vol. 10(10), pages 1-20, October.
    15. Bijay Neupane & Wei Lee Woon & Zeyar Aung, 2017. "Ensemble Prediction Model with Expert Selection for Electricity Price Forecasting," Energies, MDPI, vol. 10(1), pages 1-27, January.
    16. Cabello-López, Tomás & Carranza-García, Manuel & Riquelme, José C. & García-Gutiérrez, Jorge, 2023. "Forecasting solar energy production in Spain: A comparison of univariate and multivariate models at the national level," Applied Energy, Elsevier, vol. 350(C).
    17. Deb, Chirag & Zhang, Fan & Yang, Junjing & Lee, Siew Eang & Shah, Kwok Wei, 2017. "A review on time series forecasting techniques for building energy consumption," Renewable and Sustainable Energy Reviews, Elsevier, vol. 74(C), pages 902-924.
    18. Syed Aziz Ur Rehman & Yanpeng Cai & Rizwan Fazal & Gordhan Das Walasai & Nayyar Hussain Mirjat, 2017. "An Integrated Modeling Approach for Forecasting Long-Term Energy Demand in Pakistan," Energies, MDPI, vol. 10(11), pages 1-23, November.
    19. Hadjout, D. & Torres, J.F. & Troncoso, A. & Sebaa, A. & Martínez-Álvarez, F., 2022. "Electricity consumption forecasting based on ensemble deep learning with application to the Algerian market," Energy, Elsevier, vol. 243(C).
    20. Federico Divina & Miguel García Torres & Francisco A. Goméz Vela & José Luis Vázquez Noguera, 2019. "A Comparative Study of Time Series Forecasting Methods for Short Term Electric Energy Consumption Prediction in Smart Buildings," Energies, MDPI, vol. 12(10), pages 1-23, May.
    21. Federico Divina & Aude Gilson & Francisco Goméz-Vela & Miguel García Torres & José F. Torres, 2018. "Stacking Ensemble Learning for Short-Term Electricity Consumption Forecasting," Energies, MDPI, vol. 11(4), pages 1-31, April.
    22. Daniel Ramos & Pedro Faria & Zita Vale & João Mourinho & Regina Correia, 2020. "Industrial Facility Electricity Consumption Forecast Using Artificial Neural Networks and Incremental Learning," Energies, MDPI, vol. 13(18), pages 1-18, September.
    23. Marcin Fałdziński & Piotr Fiszeder & Witold Orzeszko, 2020. "Forecasting Volatility of Energy Commodities: Comparison of GARCH Models with Support Vector Regression," Energies, MDPI, vol. 14(1), pages 1-18, December.
    24. Cheng, Min-Yuan & Vu, Quoc-Tuan, 2024. "Bio-inspired bidirectional deep machine learning for real-time energy consumption forecasting and management," Energy, Elsevier, vol. 302(C).
    25. Xiaoyu Zhang & Rui Wang & Tao Zhang & Yajie Liu & Yabing Zha, 2018. "Short-Term Load Forecasting Using a Novel Deep Learning Framework," Energies, MDPI, vol. 11(6), pages 1-15, June.

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