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- W4310607862 abstract "Wind energy has increased penetration to grid largely and due to its intermittency and uncertainty, an accurate wind energy forecast is crucial for power sectors, including generation, transmission, and supervisory sides, to make their most cost-effective and reliable decision. However, many forecasting models fail to provide stochastic information of wind energy, nor consider the temporal and spatial correlation of the training data. Majority of the models are deterministic which only predict one value at one future time. Some stochastic models are yet too simple to fully capture the uncertain information. The ideal choice is a data-driven methodology that extracts relevant and meaningful information from available data even when the physical model of the system is unknown. Because of such need, we developed the generalized dynamic factor model (GDFM) – a novel multivariate stochastic spatiotemporal forecasting model for wind power. The uncertain information of future wind power can be well represented by the short-term future wind power scenarios. The GDFM can accurately represent the spatial and temporal correlations among wind farms through the multivariate stochastic process. Compared with two common short-term models, persistent model and AR (2) model, the GDFM is found to increase the forecasting accuracy by 37.3% and 9.7%, respectively, in root mean square error (RMSE); and similarly, by 36.8% and 6.6%, respectively, in mean absolute error (MAE). The GDFM utilizes the factor analysis (FA) to reduce the data dimension by representing data in terms of the common latent variables, called factors, so that the computational burden of the multivariate time-series analysis can be reduced significantly. Then, the observed variables are modeled as linear combinations of the latent factors. The book chapter is mainly in five sections: (1) Introduction: introduce recent work on forecast and the advantages of GDFM. (2) Derivation of GDFM: derive model equations to show how wind power scenario forecasting can be calculated by factor loadings and dynamic factors. (3) Estimation of GDFM: show the process of estimating model parameters. (4) Verification of GDFM: verify the model with validation sets to show its accuracy with persistent model and AR (2) model and ability to catch co-movement of different wind farms. (5) Application of GDFM: apply GDFM to one-day ahead dynamic optimal power flow to reduce operation cost on wind energy integrated power system." @default.
- W4310607862 created "2022-12-12" @default.
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- W4310607862 date "2022-12-02" @default.
- W4310607862 modified "2023-09-26" @default.
- W4310607862 title "A Multivariate Stochastic Spatiotemporal Wind Power Scenario Forecasting Model" @default.
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- W4310607862 doi "https://doi.org/10.1002/9781119834052.ch10" @default.
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