Utilization of Artificial Neural Networks for Precise Electrical Load Prediction

In the energy-planning sector, the precise prediction of electrical load is a critical matter for the functional operation of power systems and the efficient management of markets. Numerous forecasting platforms have been proposed in the literature to tackle this issue. This paper introduces an effective framework, coded in Python, that can forecast future electrical load based on hourly or daily load inputs. The framework utilizes a recurrent neural network model, consisting of two simpleRNN layers and a dense layer, and adopts the Adam optimizer and tanh loss function during the training process. Depending on the size of the input dataset, the proposed system can handle both short-term and medium-term load-forecasting categories. The network was extensively tested using multiple datasets, and the results were found to be highly promising. All variations of the network were able to capture the underlying patterns and achieved a small test error in terms of root mean square error and mean absolute error. Notably, the proposed framework outperformed more complex neural networks, with a root mean square error of 0.033, indicating a high degree of accuracy in predicting future load, due to its ability to capture data patterns and trends.