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ORIGINAL RESEARCH article

Front. Energy Res.
Sec. Process and Energy Systems Engineering
Volume 12 - 2024 | doi: 10.3389/fenrg.2024.1353312
This article is part of the Research Topic Low-Carbon Oriented Market Mechanism and Reliability Improvement of Multi-energy Systems View all 28 articles

Energy Cost Forecasting and Financial Strategy Optimization in Smart Grids via Ensemble Algorithm

Provisionally accepted
  • Suzhou Industrial Park Institute of Services Outsourcing, Suzhou, China

The final, formatted version of the article will be published soon.

    In the context of energy resource scarcity and environmental pressures, accurately forecasting energy consumption and optimizing financial strategies in smart grids are crucial. However, practical applications face challenges due to the high dimensionality and dynamic nature of the data, hindering accurate prediction and strategy optimization. This paper aims to proposed a fusion algorithm for smart grid enterprise decision-making and economic benefit analysis, enhancing the accuracy of decision-making and predictive capability of economic benefits. The proposed method combines techniques such as deep reinforcement learning (DRL), long shortterm memory (LSTM) networks, and the Transformer algorithm. LSTM is used to process and analyze time series data, capturing historical patterns of energy prices and usage. DRL and the Transformer algorithm are then employed to further analyze the data, enabling the formulation and optimization of energy purchasing and usage strategies. Experimental results demonstrate that this approach outperforms traditional methods in terms of improving energy cost prediction accuracy and optimizing financial strategies. Notably, on the EIA Dataset, the proposed algorithm achieves a reduction of over 48.5% in FLOP, and a decrease in inference time by over 49.8%, and an improvement of 38.6% in MAPE. This research provides a new perspective and tool for energy management in smart grids and offers valuable insights for handling other high-dimensional and dynamically changing data processing and decision optimization problems.

    Keywords: Smart Grids, Energy cost forecasting, Financial strategy optimization, DRL-LSTM, transformer algorithm, Energy utilization efficiency

    Received: 10 Dec 2023; Accepted: 25 Jul 2024.

    Copyright: © 2024 Yang. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

    * Correspondence: Juanjuan Yang, Suzhou Industrial Park Institute of Services Outsourcing, Suzhou, China

    Disclaimer: All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.