Short-Term Electricity Demand Forecasting Method for Smart Meters

Abstract

The short-term electricity demand forecasting has become one of the major research area in power system engineering. By combining the smart metering to the short term demand forecasting techniques, new features can be added to save on demand and electricity bill. This paper illustrates the methodology used to forecast electricity demand over short period of time which can be used with smart meters. Polynomial fitting with interpolation is used to forecast the demand by taking the apparent power sample points from smart meters. The outcome of this work will be beneficial to the residential or industrial electricity consumers to control the demand side loads. It will help the industrial consumers to save on maximum demand charge with the introduction of warning message or residential consumers to reduce their electricity bill by cutting down non-essential loads in peak hours.