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The framework of the proposed forecast model is shown in Fig. 2.
To implement the proposed forecast strategy, the price data is first decomposed by Wavelet Transform (WT).
In addition, three testing periods are utilised to assess the prediction performance of the proposed forecast models.
The results show that the proposed forecast models meet the basic requirement of Zhejiang electricity market operation.
In the second part, based on the results of [10], this paper theoretically proves the existence of error bounds of the proposed forecast method.
The proposed forecast framework provides consistent forecast results for global change institute (GCI) and advance engineering building (AEB) during seasonal daily and weekly comparison.
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Figure 16 The proposed forecasting methodology.
The proposed forecasting approach gives better forecasting accuracy: the MAPE has 8.1133% average value.
The last stage of the proposed forecasting methodology consists in deployment.
The proposed forecasting strategy produces the lowest errors across all times to maturity.
The proposed forecasting method is also compared with the existing state-of-the-art techniques.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com