Search results for: hybrid forecasting models

Authors: Kassahun Birhanu Tadesse, Megersa Olumana Dinka

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Reliable future river flow information is basic for planning and management of any river systems. For data scarce river system having only a river flow records like the Waterval River, a univariate time series models are appropriate for river flow forecasting. In this study, a univariate Seasonal Autoregressive Integrated Moving Average (SARIMA) model was applied for forecasting Waterval River flow using GRETL statistical software. Mean monthly river flows from 1960 to 2016 were used for modeling. Different unit root tests and Mann-Kendall trend analysis were performed to test the stationarity of the observed flow time series. The time series was differenced to remove the seasonality. Using the correlogram of seasonally differenced time series, different SARIMA models were identified, their parameters were estimated, and diagnostic check-up of model forecasts was performed using white noise and heteroscedasticity tests. Finally, based on minimum Akaike Information (AIc) and Hannan-Quinn (HQc) criteria, SARIMA (3, 0, 2) x (3, 1, 3)12 was selected as the best model for Waterval River flow forecasting. Therefore, this model can be used to generate future river information for water resources development and management in Waterval River system. SARIMA model can also be used for forecasting other similar univariate time series with seasonality characteristics.

Keywords: heteroscedasticity, stationarity test, trend analysis, validation, white noise

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Authors: Fatima-Zahra Eddoug, Jamal Benhra, Rajaa Benabbou

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Several project management models exist in the literature and the most used ones are the hybrids for their multiple advantages. Our objective in this paper is to analyze the existing models, which are based on the Lean and Agile approaches and to propose a novel framework with the convenient tools that will allow efficient management of a general project. To create the desired framework, we were based essentially on 7 existing models. Only the Scrum tool among the agile tools was identified by several authors to be appropriate for project management. In contrast, multiple lean tools were proposed in different phases of the project.

Keywords: agility, hybrid project management, lean, scrum

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Authors: Mark Schudeleit, Christian Sieg, Ferit Küçükay

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This paper describes how to dimension the electric components of a 48V hybrid system considering real customer use. Furthermore, it provides information about savings in energy and CO2 emissions by a customer-tailored 48V hybrid. Based on measured customer profiles, the electric units such as the electric motor and the energy storage are dimensioned. Furthermore, the CO2 reduction potential in real customer use is determined compared to conventional vehicles. Finally, investigations are carried out to specify the topology design and preliminary considerations in order to hybridize a conventional vehicle with a 48V hybrid system. The emission model results from an empiric approach also taking into account the effects of engine dynamics on emissions. We analyzed transient engine emissions during representative customer driving profiles and created emission meta models. The investigation showed a significant difference in emissions when simulating realistic customer driving profiles using the created verified meta models compared to static approaches which are commonly used for vehicle simulation.

Keywords: customer use, dimensioning, hybrid electric vehicles, vehicle simulation, 48V hybrid system

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Authors: Cheng-yu Hsieh, Bo Zhang, Ahmed Hambaba

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Stock market prediction has long been an area of interest for both expert analysts and investors, driven by its complexity and the noisy, volatile conditions it operates under. This research examines the efficacy of combining the Patch Time Series Transformer (PatchTST) with wavelet transforms, specifically focusing on Haar and Daubechies wavelets, in forecasting the adjusted closing price of the S&P 500 index for the following day. By comparing the performance of the augmented PatchTST models with traditional predictive models such as Recurrent Neural Networks (RNNs), Convolutional Neural Networks (CNNs), Long Short-Term Memory (LSTM) networks, and Transformers, this study highlights significant enhancements in prediction accuracy. The integration of the Daubechies wavelet with PatchTST notably excels, surpassing other configurations and conventional models in terms of Mean Absolute Error (MAE) and Mean Squared Error (MSE). The success of the PatchTST model paired with Daubechies wavelet is attributed to its superior capability in extracting detailed signal information and eliminating irrelevant noise, thus proving to be an effective approach for financial time series forecasting.

Keywords: deep learning, financial forecasting, stock market prediction, patch time series transformer, wavelet transform

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Authors: Gu Pang, Bartosz Gebka

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We forecast the demand of total container throughput at the Indonesia’s largest seaport, Tanjung Priok Port. We propose four univariate forecasting models, including SARIMA, the additive Seasonal Holt-Winters, the multiplicative Seasonal Holt-Winters and the Vector Error Correction Model. Our aim is to provide insights into whether forecasting the total container throughput obtained by historical aggregated port throughput time series is superior to the forecasts of the total throughput obtained by summing up the best individual terminal forecasts. We test the monthly port/individual terminal container throughput time series between 2003 and 2013. The performance of forecasting models is evaluated based on Mean Absolute Error and Root Mean Squared Error. Our results show that the multiplicative Seasonal Holt-Winters model produces the most accurate forecasts of total container throughput, whereas SARIMA generates the worst in-sample model fit. The Vector Error Correction Model provides the best model fits and forecasts for individual terminals. Our results report that the total container throughput forecasts based on modelling the total throughput time series are consistently better than those obtained by combining those forecasts generated by terminal-specific models. The forecasts of total throughput until the end of 2018 provide an essential insight into the strategic decision-making on the expansion of port's capacity and construction of new container terminals at Tanjung Priok Port.

Keywords: SARIMA, Seasonal Holt-Winters, Vector Error Correction Model, container throughput

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Authors: Xiaolei Hu, Enrico Ferrera, Riccardo Tomasi, Claudio Pastrone

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Load Forecasting plays a key role in making today's and future's Smart Energy Grids sustainable and reliable. Accurate power consumption prediction allows utilities to organize in advance their resources or to execute Demand Response strategies more effectively, which enables several features such as higher sustainability, better quality of service, and affordable electricity tariffs. It is easy yet effective to apply Load Forecasting at larger geographic scale, i.e. Smart Micro Grids, wherein the lower available grid flexibility makes accurate prediction more critical in Demand Response applications. This paper analyses the application of short-term load forecasting in a concrete scenario, proposed within the EU-funded GreenCom project, which collect load data from single loads and households belonging to a Smart Micro Grid. Three short-term load forecasting techniques, i.e. linear regression, artificial neural networks, and radial basis function network, are considered, compared, and evaluated through absolute forecast errors and training time. The influence of weather conditions in Load Forecasting is also evaluated. A new definition of Gain is introduced in this paper, which innovatively serves as an indicator of short-term prediction capabilities of time spam consistency. Two models, 24- and 1-hour-ahead forecasting, are built to comprehensively compare these three techniques.

Keywords: short-term load forecasting, smart micro grid, linear regression, artificial neural networks, radial basis function network, gain

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Authors: Ioannis Andrianakis, Vasileios Gkatas, Nikos Eleftheriadis, Alexios Ellinidis, Ermioni Avramidou

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pscmsForecasting is an open-source web service that implements a variety of time series forecasting algorithms and exposes them to the user via the ubiquitous HTTP protocol. It allows developers to enhance their applications by adding time series forecasting functionalities through an intuitive and easy-to-use interface. This paper provides some background on time series forecasting and gives details about the implemented algorithms, aiming to enhance the end user’s understanding of the underlying methods before incorporating them into their applications. A detailed description of the web service’s interface and its various parameterizations is also provided. Being an open-source project, pcsmsForecasting can also be easily modified and tailored to the specific needs of each application.

Keywords: time series, forecasting, web service, open source

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Authors: Andreas Gohs, Reinhold Kosfeld

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This study should be of interest for practitioners who want to predict precisely the sales numbers of vehicles equipped with an innovative propulsion technology as well as for researchers interested in applied (regional) time series analysis. The study is based on the numbers of new registrations of pure electric and hybrid cars. Methods of time series analysis like ARIMA are compared with the Bass Diffusion-model concerning their forecasting performances for new registrations in Germany at the national and federal state levels. Especially it is investigated if the additional information content from regional data increases the forecasting accuracy for the national level by adding predictions for the federal states. Results of parameters of the Bass Diffusion Model estimated for Germany and its sixteen federal states are reported. While the focus of this research is on the German market, estimation results are also provided for selected European and other countries. Concerning Bass-parameters and forecasting performances, we get very different results for Germany's federal states and the member states of the European Union. This corresponds to differences across the EU-member states in the adoption process of this innovative technology. Concerning the German market, the adoption is rather proceeded in southern Germany and stays behind in Eastern Germany except for Berlin.

Keywords: bass diffusion model, electric vehicles, forecasting performance, market diffusion

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Authors: Nivedha Rajaram

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Hybrid Quantum solvers have been given prime focus in recent days by computation problem-solving domain industrial applications. D’Wave Quantum Computers are one such paragon of systems built using quantum annealing mechanism. Discrete Quadratic Models is a hybrid quantum computing model class supplied by D’Wave Ocean SDK - a real-time software platform for hybrid quantum solvers. These hybrid quantum computing modellers can be employed to solve classic problems. One such problem that we consider in this paper is finding a network connectivity knowledge hub in a huge network of systems. Using this quantum solver, we try to find out the prime system hub, which acts as a supreme connection point for the set of connected computers in a large network. This paper establishes an innovative problem approach to generate a connectivity system hub plot for a set of systems using DWave ocean SDK hybrid quantum solvers.

Keywords: quantum computing, hybrid quantum solver, DWave annealing, network knowledge graph

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Authors: Masoud Taghavi, Gholamreza Salehi, Ali Lohrasbi Nichkoohi

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Despite the growing use of renewable energies in different fields of application of this technology in the field of water supply has been less attention. Photovoltaic and wind hybrid system is that new topics in renewable energy, including photovoltaic arrays, wind turbines, a set of batteries as a storage system and a diesel generator as a backup system is. In this investigation, first climate data including average wind speed and solar radiation at any time during the year, data collection and analysis are performed in the energy. The wind turbines in four models, photovoltaic panels at the 6 position of relative power, batteries and diesel generator capacity in seven states in the two models are combined hours of operation with renewables, diesel generator and battery bank check and a hybrid system of solar power generation-wind, which is optimized conditions, are presented.

Keywords: renewable energy, wind and solar energy, hybrid systems, cloning station

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Authors: Salam Alrekabi, A. B. Cundy, Mohammed Haloob Al-Majidi

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Novel multiscale hybrid reinforced cementitious composites based on carbon nanotubes (MHRCC-CNT), and carbon nanofibers (MHRCC-CNF) are new types of cement-based material fabricated with micro steel fibers and nanofilaments, featuring superior strain hardening, ductility, and energy absorption. This study focused on established models to predict the compressive strength, and direct and splitting tensile strengths of the produced cementitious composites. The analysis was carried out based on the experimental data presented by the previous author’s study, regression analysis, and the established models that available in the literature. The obtained models showed small differences in the predictions and target values with experimental verification indicated that the estimation of the mechanical properties could be achieved with good accuracy.

Keywords: multiscale hybrid reinforced cementitious composites, carbon nanotubes, carbon nanofibers, mechanical strength prediction

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Authors: Firas M. Tuaimah

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This paper presents an Artificial Neural Network based approach for short-term load forecasting and exactly for two days ahead. Two seasons have been discussed for Iraqi power system, namely summer and winter; the hourly load demand is the most important input variables for ANN based load forecasting. The recorded daily load profile with a lead time of 1-48 hours for July and December of the year 2012 was obtained from the operation and control center that belongs to the Ministry of Iraqi electricity. The results of the comparison show that the neural network gives a good prediction for the load forecasting and for two days ahead.

Keywords: short-term load forecasting, artificial neural networks, back propagation learning, hourly load demand

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Authors: Jonathan Iworiso

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Forecasting the equity premium out-of-sample is a major concern to researchers in finance and emerging markets. The quest for a superior model that can forecast the equity premium with significant economic gains has resulted in several controversies on the choice of variables and suitable techniques among scholars. This research focuses mainly on the application of Regression Training (RT) techniques to forecast monthly equity premium out-of-sample recursively with an expanding window method. A broad category of sophisticated regression models involving model complexity was employed. The RT models include Ridge, Forward-Backward (FOBA) Ridge, Least Absolute Shrinkage and Selection Operator (LASSO), Relaxed LASSO, Elastic Net, and Least Angle Regression were trained and used to forecast the equity premium out-of-sample. In this study, the empirical investigation of the RT models demonstrates significant evidence of equity premium predictability both statistically and economically relative to the benchmark historical average, delivering significant utility gains. They seek to provide meaningful economic information on mean-variance portfolio investment for investors who are timing the market to earn future gains at minimal risk. Thus, the forecasting models appeared to guarantee an investor in a market setting who optimally reallocates a monthly portfolio between equities and risk-free treasury bills using equity premium forecasts at minimal risk.

Keywords: regression training, out-of-sample forecasts, expanding window, statistical predictability, economic significance, utility gains

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Authors: Mohammad Mahdi Mousavi

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Bankruptcy prediction models have been implemented for continuous evaluation and monitoring of firms. With the huge number of bankruptcy models, an extensive number of studies have focused on answering the question that which of these models are superior in performance. In practice, one of the drawbacks of existing comparative studies is that the relative assessment of alternative bankruptcy models remains an exercise that is mono-criterion in nature. Further, a very restricted number of criteria and measure have been applied to compare the performance of competing bankruptcy prediction models. In this research, we overcome these methodological gaps through implementing an extensive range of criteria and measures for comparison between dynamic and static bankruptcy models, and through proposing a multi-criteria framework to compare the relative performance of bankruptcy models in forecasting firm distress for UK firms.

Keywords: bankruptcy prediction, data envelopment analysis, performance criteria, performance measures

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Authors: Ren-Jieh Kuo, Chun-Shou Huang

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The research of juice flavor forecasting has become more important in China. Due to the fast economic growth in China, many different kinds of juices have been introduced to the market. If a beverage company can understand their customers’ preference well, the juice can be served more attractively. Thus, this study intends to introduce the basic theory and computing process of grapes juice flavor forecasting based on support vector regression (SVR). Applying SVR, BPN and LR to forecast the flavor of grapes juice in real data, the result shows that SVR is more suitable and effective at predicting performance.

Keywords: flavor forecasting, artificial neural networks, Support Vector Regression, China

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Authors: Jaechun No

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This paper focuses on I/O optimizations of N-hybrid (New-Form of hybrid), which provides a hybrid file system space constructed on SSD and HDD. Although the promising potentials of SSD, such as the absence of mechanical moving overhead and high random I/O throughput, have drawn a lot of attentions from IT enterprises, its high ratio of cost/capacity makes it less desirable to build a large-scale data storage subsystem composed of only SSDs. In this paper, we present N-hybrid that attempts to integrate the strengths of SSD and HDD, to offer a single, large hybrid file system space. Several experiments were conducted to verify the performance of N-hybrid.

Keywords: SSD, data section, I/O optimizations, hybrid system

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Authors: S. M. Anowarul Haque, Md. Asiful Islam

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Electrical load forecasting is considered to be one of the most indispensable parts of a modern-day electrical power system. To ensure a reliable and efficient supply of electric energy, special emphasis should have been put on the predictive feature of electricity supply. Artificial Neural Network-based approaches have emerged to be a significant area of interest for electric load forecasting research. This paper proposed an Artificial Neural Network model based on the particle swarm optimization algorithm for improved electric load forecasting for Mymensingh, Bangladesh. The forecasting model is developed and simulated on the MATLAB environment with a large number of training datasets. The model is trained based on eight input parameters including historical load and weather data. The predicted load data are then compared with an available dataset for validation. The proposed neural network model is proved to be more reliable in terms of day-wise load forecasting for Mymensingh, Bangladesh.

Keywords: load forecasting, artificial neural network, particle swarm optimization

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Authors: Fuchun Li, Hong Xiao

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We propose a new early warning model for predicting financial stress events for a given future time. In this model, we examine whether credit conditions play an important role as a nonlinear propagator of shocks when predicting the likelihood of occurrence of financial stress events for a given future time. This propagation takes the form of a threshold regression in which a regime change occurs if credit conditions cross a critical threshold. Given the new early warning model for financial stress events, we evaluate the performance of this model and currently available alternatives, such as the model from signal extraction approach, and linear regression model. In-sample forecasting results indicate that the three types of models are useful tools for predicting financial stress events while none of them outperforms others across all criteria considered. The out-of-sample forecasting results suggest that the credit-regime switching model performs better than the two others across all criteria and all forecasting horizons considered.

Keywords: cut-off probability, early warning model, financial crisis, financial stress, regime-switching model, forecasting horizons

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Authors: Wei-Kuo Soong

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The forecasting of typhoon tracks remains a formidable challenge, primarily attributable to the paucity of observational data in the open sea and the intricate influence of weather systems at varying scales. This study investigates the case of Typhoon Hinnamnor in 2022, examining its trajectory and intensity fluctuations in relation to the interaction with a concurrent tropical cyclone and sea surface temperatures (SST). Utilizing the Weather Research and Forecasting Model (WRF), to simulate and analyze the interaction between Typhoon Hinnamnor and its environmental factors, shedding light on the mechanisms driving typhoon development and enhancing forecasting capabilities.

Keywords: typhoon, sea surface temperature, forecasting, WRF

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Authors: Wiwat Kittinaraporn, Napat Harnpornchai, Sutja Boonyachut

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This paper deals with the application of a novel neural network technique, so-called Support Vector Machine (SVM). The objective of this study is to explore the variable and parameter of forecasting factors in the construction industry to build up forecasting model for construction quantity in Thailand. The scope of the research is to study the non-residential construction quantity in Thailand. There are 44 sets of yearly data available, ranging from 1965 to 2009. The correlation between economic indicators and construction demand with the lag of one year was developed by Apichat Buakla. The selected variables are used to develop SVM models to forecast the non-residential construction quantity in Thailand. The parameters are selected by using ten-fold cross-validation method. The results are indicated in term of Mean Absolute Percentage Error (MAPE). The MAPE value for the non-residential construction quantity predicted by Epsilon-SVR in corporation with Radial Basis Function (RBF) of kernel function type is 5.90. Analysis of the experimental results show that the support vector machine modelling technique can be applied to forecast construction quantity time series which is useful for decision planning and management purpose.

Keywords: forecasting, non-residential, construction, support vector machines

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Authors: Milan Joshi, Harsh Agrawal, Pallaw Mishra, Sanand Sule

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Predicting electricity usage is a crucial aspect of organizing and controlling sustainable energy systems. The task of forecasting electricity load is intricate and requires a lot of effort due to the combined impact of social, economic, technical, environmental, and cultural factors on power consumption in communities. As a result, it is important to create strong models that can handle the significant non-linear and complex nature of the task. The objective of this study is to create and compare three machine learning techniques for predicting electricity load for both the day ahead and intraday, taking into account various factors such as meteorological data and social events including holidays and festivals. The proposed methods include a LightGBM, FBProphet, combination of FBProphet and LightGBM for day ahead and Motifs( Stumpy) based on Mueens algorithm for similarity search for intraday. We utilize these techniques to predict electricity usage during normal days and social events in the Himachal Region. We then assess their performance by measuring the MSE, RMSE, and MAPE values. The outcomes demonstrate that the combination of FBProphet and LightGBM method is the most accurate for day ahead and Motifs for intraday forecasting of electricity usage, surpassing other models in terms of MAPE, RMSE, and MSE. Moreover, the FBProphet - LightGBM approach proves to be highly effective in forecasting electricity load during social events, exhibiting precise day ahead predictions. In summary, our proposed electricity forecasting techniques display excellent performance in predicting electricity usage during normal days and special events in the Himachal Region.

Keywords: feature engineering, FBProphet, LightGBM, MASS, Motifs, MAPE

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Authors: Afaneen Anwer, Samara M. Kamil

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Load Forecast required prediction accuracy based on optimal operation and maintenance. A good accuracy is the basis of economic dispatch, unit commitment, and system reliability. A good load forecasting system fulfilled fast speed, automatic bad data detection, and ability to access the system automatically to get the needed data. In this paper, the formulation of the load forecasting is discussed and the solution is obtained by using artificial neural network method. A MATLAB environment has been used to solve the load forecasting schedule of Iraqi super grid network considering the daily load for three years. The obtained results showed a good accuracy in predicting the forecasted load.

Keywords: load forecasting, neural network, back-propagation algorithm, Iraqi power system

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Authors: Khaled Salah

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Model order reduction has been one of the most challenging topics in the past years. In this paper, a hybrid solution of genetic algorithm (GA) and simulated annealing algorithm (SA) are used to approximate high-order transfer functions (TFs) to lower-order TFs. In this approach, hybrid algorithm is applied to model order reduction putting in consideration improving accuracy and preserving the properties of the original model which are two important issues for improving the performance of simulation and computation and maintaining the behavior of the original complex models being reduced. Compared to conventional mathematical methods that have been used to obtain a reduced order model of high order complex models, our proposed method provides better results in terms of reducing run-time. Thus, the proposed technique could be used in electronic design automation (EDA) tools.

Keywords: genetic algorithm, simulated annealing, model reduction, transfer function

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Authors: M. N. Ervina Efzan, H. J. Kong, C. K. Kok

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The present work deals with a study on the influences of hybrid modifier on LM 6 added through ladle metallurgy. In this study, LM 6 served as the reference alloy while Na2CO3 and Ti powders were used as the hybrid modifier. The effects of hybrid modifier on the micro structural enhancement of LM 6 were investigated using optical microscope (OM) and Scanning Electron Microscope (SEM). The results showed fragmented Si-rich needles and strength enhanced petal/ globular-like structures without obvious formation of soft primary α-Al and β-Fe-rich inter metallic compound (IMC) after the hybrid modification. Hardness test was conducted to examine the mechanical improvement of hybrid modified LM 6. 10% of hardness improvement was recorded in the hybrid modified LM 6 through ladle metallurgy.

Keywords: Al-Si, hybrid modifier, ladle metallurgy, hardness

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Authors: S. Adhirai Subramaniyam, Paramjit Singh

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This paper presents major issues in cloud computing. The paper describes different cloud computing deployment models and cloud service models available in the field of cloud computing. The paper then concentrates on various issues in the field. The issues such as cloud compatibility, compliance of the cloud, standardizing cloud technology, monitoring while on the cloud and cloud security are described. The paper suggests solutions for these issues and concludes that hybrid cloud infrastructure is a real boon for organizations.

Keywords: cloud, cloud computing, mobile cloud computing, private cloud, public cloud, hybrid cloud, SAAS, PAAS, IAAS, cloud security

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Authors: Sibel Celik, Hüseyin Ergin

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The paper aims to find the best volatility forecasting model for stock markets in Turkey. For this purpose, we compare performance of different volatility models-both traditional GARCH model and high frequency based volatility models- and conclude that both in pre-crisis and crisis period, the performance of high frequency based volatility models are better than traditional GARCH model. The findings of paper are important for policy makers, financial institutions and investors.

Keywords: volatility, GARCH model, realized volatility, high frequency data

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Authors: Watcharin Sangma, Onsiri Chanmuang, Pitsanu Tongkhow

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A forecasting model for steel demand uncertainty in Thailand is proposed. It consists of trend, autocorrelation, and outliers in a hierarchical Bayesian frame work. The proposed model uses a cumulative Weibull distribution function, latent first-order autocorrelation, and binary selection, to account for trend, time-varying autocorrelation, and outliers, respectively. The Gibbs sampling Markov Chain Monte Carlo (MCMC) is used for parameter estimation. The proposed model is applied to steel demand index data in Thailand. The root mean square error (RMSE), mean absolute percentage error (MAPE), and mean absolute error (MAE) criteria are used for model comparison. The study reveals that the proposed model is more appropriate than the exponential smoothing method.

Keywords: forecasting model, steel demand uncertainty, hierarchical Bayesian framework, exponential smoothing method

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Authors: F. Lazzeri, I. Reiter

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Energy production optimization has been traditionally very important for utilities in order to improve resource consumption. However, load forecasting is a challenging task, as there are a large number of relevant variables that must be considered, and several strategies have been used to deal with this complex problem. This is especially true also in microgrids where many elements have to adjust their performance depending on the future generation and consumption conditions. The goal of this paper is to present a solution for short-term load forecasting in microgrids, based on three machine learning experiments developed in R and web services built and deployed with different components of Cortana Intelligence Suite: Azure Machine Learning, a fully managed cloud service that enables to easily build, deploy, and share predictive analytics solutions; SQL database, a Microsoft database service for app developers; and PowerBI, a suite of business analytics tools to analyze data and share insights. Our results show that Boosted Decision Tree and Fast Forest Quantile regression methods can be very useful to predict hourly short-term consumption in microgrids; moreover, we found that for these types of forecasting models, weather data (temperature, wind, humidity and dew point) can play a crucial role in improving the accuracy of the forecasting solution. Data cleaning and feature engineering methods performed in R and different types of machine learning algorithms (Boosted Decision Tree, Fast Forest Quantile and ARIMA) will be presented, and results and performance metrics discussed.

Keywords: time-series, features engineering methods for forecasting, energy demand forecasting, Azure Machine Learning

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Authors: Kateryna Zharan, Jan C. Bongaerts

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In recent years, economic attractiveness of renewable energy (RE) for the mining industry, especially for off-grid mines, and a negative environmental impact of fossil energy are stimulating to use RE for mining needs. Being that remote area mines have higher energy expenses than mines connected to a grid, integration of RE may give a mine economic benefits. Regarding the literature review, there is a lack of business models for adopting of RE at mine. The main aim of this paper is to develop an optimized model of RE integration into the German mining industry (GMI). Hereby, the GMI with amount of around 800 mill. t. annually extracted resources is included in the list of the 15 major mining country in the world. Accordingly, the mining potential of Germany is evaluated in this paper as a perspective market for RE implementation. The GMI has been classified in order to find out the location of resources, quantity and types of the mines, amount of extracted resources, and access of the mines to the energy resources. Additionally, weather conditions have been analyzed in order to figure out where wind and solar generation technologies can be integrated into a mine with the highest efficiency. Despite the fact that the electricity demand of the GMI is almost completely covered by a grid connection, the hybrid energy system (HES) based on a mix of RE and fossil energy is developed due to show environmental and economic benefits. The HES for the GMI consolidates a combination of wind turbine, solar PV, battery and diesel generation. The model has been calculated using the HOMER software. Furthermore, the demonstrated HES contains a forecasting model that predicts solar and wind generation in advance. The main result from the HES such as CO2 emission reduction is estimated in order to make the mining processing more environmental friendly.

Keywords: diesel generation, German mining industry, hybrid energy system, hybrid optimization model for electric renewables, optimized model, renewable energy

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Authors: Ksenija Dumičić, Anita Čeh Časni, Berislav Žmuk

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The aim of this paper is to select the most accurate forecasting method for predicting the future values of the unemployment rate in selected European countries. In order to do so, several forecasting techniques adequate for forecasting time series with trend component, were selected, namely: double exponential smoothing (also known as Holt`s method) and Holt-Winters` method which accounts for trend and seasonality. The results of the empirical analysis showed that the optimal model for forecasting unemployment rate in Greece was Holt-Winters` additive method. In the case of Spain, according to MAPE, the optimal model was double exponential smoothing model. Furthermore, for Croatia and Italy the best forecasting model for unemployment rate was Holt-Winters` multiplicative model, whereas in the case of Portugal the best model to forecast unemployment rate was Double exponential smoothing model. Our findings are in line with European Commission unemployment rate estimates.

Keywords: European Union countries, exponential smoothing methods, forecast accuracy unemployment rate

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