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In this paper, we propose a quadratic (nonlinear) regression model that forecasts daily demands of electric power in summer. For cost-effective production (and/or procurement) of electric power, forecasting demands of electric power with accuracy is important, especially in summer when temperature is high. In the literature, temperature and daily demands of preceding days are typically employed to construct forecasting models. While, we consider another factor, day of the week, together with temperature and daily demands of preceding days. For validating the proposed model, we demonstrate the forecasting accuracy in terms of MAPE(Mean Absolute Percentage Error) and MPE(Maximum Percentage Error) using field data from KEPCO(Korea Electric Power Corporation) in comparison with two forecasting models in the literature. When compared with the two benchmarks, the proposed forecasting model performs far better providing MAPE and MPE not exceeding 3.08% and 8.99%, respectively, in summer from 2005 to 2009.

The Load Forecasting in Summer Considering Day Factor