Smart grid components such as smart home and battery energy management systems, high penetration of renewable energy systems, and demand response activities, require accurate electricity demand forecasts for the successful operation of the electricity distribution networks.
Smart meter data can be used for various purposes within smart grids, including residential energy applications, such as Home Energy Management Systems (HEMS) and Battery Energy Management Systems (BEMS).
The uptake of smart grid technologies and increasing deployment of smart meters have brought greater attention on the analysis of individual household electricity consumption. Within the smart grid framework, home and battery energy management systems are becoming important demand side management tools with various benefits to households, utilities and networks.
Electricity load forecasting is an important tool which can be utilized to enable effective control of commercial building electricity loads. Accurate forecasts of commercial building electricity loads can bring significant environmental and economic benefits by reducing electricity use and peak demand and the corresponding GHG emissions.