Deep neural network with empirical mode decomposition and Bayesian optimisation for residential load forecasting

In the context of a resilient energy system, accurate residential load forecasting has become a non-trivial requirement for ensuring effective management and planning strategy/policy development. Due to the highly stochastic nature of energy load profiles, it is difficult to predict accurately, and usually, predictions are error-prone. This paper explores the potential of Empirical Mode Decomposition (EMD) in simplifying the dynamics of complex demand profiles. The simplified components are then embedded within a deep learning model, specifically Convolution Neural Network (CNN) and Long Short-Term Memory (LSTM), to forecast short-term residential loads. The novel modelling framework integrates Bayesian optimisation strategy, feature decomposition technique, feature engineering phase, and percentile-based bias correction algorithm to enhance model accuracy. The model is developed using a case-study residential dwelling located in Fintry (Scotland), and the model performance is assessed over four forecast horizons. The overall efficiency of framework is also investigated for three algorithms: random forest, gradient boosting decision trees (GBDT), and an LSTM network. While EMD and feature engineering were found to greatly improve prediction accuracy, the number of IMFs used was shown to significantly impact the model's performance and computational complexity. The model was tested on two further case studies from Fintry.