Recent developments in complex machine learning models have drastically increased the accuracy of electricity price forecasting. In this paper, a combined model merging the RF and LSTM algorithms is given for improving price forecasting. The stated model expands the ability of the RF algorithm to find advanced interactions between features and the ability of the LSTM algorithm to identify temporal dependencies in time series data. The dataset set is of variables like demand, temperature, sunlight, and rainfall. Min-max scaling is applied to the preprocessing, along with the sliding window technique. Output describe that the combined hybrid model has improved accuracy than individual models with higher precision and recall values. Specifically, the hybrid model achieved 95. 87% accuracy, a precision of 0. 88, a recall of 0. 91, and an RMSE of 0. 032. The standalone Random Forest model was able to reach an accuracy of 93. 4%. The LSTM model achieved an accuracy of 94.1%. Further, hybrid model further improved the performance results in terms of precision, recall, and RMSE. Hence, this shows that the combined model is better suited for the task of forecasting electricity prices, which makes the hybrid model capable of delivering efficient real-time predictions required to make decisions in the energy markets. The results of the output are such that it indicates hybrid models that integrate RF and LSTM could deliver more dependence and practicality insights.
Keywords : Electricity Price Forecasting, Combined Model, Random Forest, LSTM (Long Short-Term Memory), Time-Series Forecasting, Machine Learning
Author : Kotamsetty Geethika Devi 1, Bandi Rajeswara Reddy 2, Galeti Mohammad Hussain 3¸ Gownivalla Siddartha 4
Title : Predictive Analytics for Electricity Markets Using a Hybrid Machine Learning Approach
Volume/Issue : 2025;2(1)
Page No : 5 - 10