Energy forecast for a cogeneration system using dynamic factor models

Abstract

Cogeneration is used in different sectors of industry and it allows that two types of energy to be efficiently obtained from a single source. Accurate predictions are fundamental to optimize energy production, considering the variability that occurs in the daily market. This study adjusts and predicts cogeneration using real data from a Spanish energy technology center, using dynamic factor analysis methodology and incorporating covariates such as temperature and relative humidity. A comparative analysis is performed to evaluate the improvements achieved by implementing cluster-structured dynamic models versus other methods. Furthermore, a robust interpolation method has been implemented to handle missing data in both the main variable and the covariates.