Performance Evaluation of Different Optimization Algorithms for Power Demand Forecasting Applications in a Smart Grid Environment

Abstract

This paper presents an in-depth performance evaluation of three different optimization algorithms, in particular genetic algorithm (GA), particle swarm optimization (PSO), and firefly (FF) algorithm for power demand forecasting in a deregulated electricity market and smart grid environments. In this framework, this paper proposes a hybrid intelligent algorithm for power demand forecasts using the combination of wavelet transform (WT) and fuzzy ARTMAP (FA) network that is optimized by using FF optimization algorithm. The effectiveness and accuracy of the proposed hybrid WT+FF+FA model is trained and tested utilizing the data obtained from ISO-NE electricity market.