Forecasting Daily Electricity Consumption in Thailand Using Regression, Artificial Neural Network, Support Vector Machine, and Hybrid Models

This article involves forecasting daily electricity consumption in Thailand. Electricity consumption data are provided by the Electricity Generating Authority of Thailand, the leading power utility state enterprise under the Ministry of Energy. Five forecasting techniques, including multiple linear regression, artificial neural network (ANN), support vector machine, hybrid models, and ensemble models, are implemented. The article proposes a hyperparameter tuning technique, called sequential grid search, which is based on the widely used grid search, for ANN and hybrid models. Auxiliary variables and indicator variables that can improve the models' forecasting performance are included. From the computational experiment, the hybrid model of a multiple regression model to forecast the expected daily consumption and ANNs from the sequential grid search to forecast the error term, along with additional indicator variables for some national holidays, provides the best mean absolution percentage error of 1.5664% on the test data set.