Abstract
Power demand forecasting is a critical task to achieve efficiency and reliability in the smart grid in terms of demand response and resource allocation. This paper proposes PowerLSTM, a power demand forecasting model based on Long Short-Term Memory (LSTM) neural network. We calculate the feature significance and compact our model by capturing the features with the most important weights. Based on our preliminary study using a public dataset, compared to two recent works based on Gradient Boosting Tree (GBT) and Support Vector Regression (SVR), PowerLSTM demonstrates a decrease of 21.80% and 28.57% in forecasting error, respectively. Our study also reveals that metering/forecasting granularity at once every 30 min can bring higher accuracy than other practical granularity options.