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A Novel Wavelet-Based Ensemble Method for Short-Term Load Forecasting with Hybrid Neural Networks and Feature Selection

In this paper, a new ensemble forecasting model for short-term load forecasting (STLF) is proposed based on extreme learning machine (ELM). Four important improvements are used to support the ELM for increased forecasting performance. First, a novel wavelet-based ensemble scheme is carried out to generate the individual ELM-based forecasters. Second, a hybrid learning algorithm blending ELM and the Levenberg-Marquardt method is proposed to improve the learning accuracy of neural networks. Third, a feature selection method based on the conditional mutual information is developed to select a compact set of input variables for the forecasting model. Fourth, to realize an accurate ensemble forecast, partial least squares regression is utilized as a combining approach to aggregate the individual forecasts. Numerical testing shows that proposed method can obtain better forecasting results in comparison with other standard and state-of-the-art methods.