A new research paper published on arXiv explores the effectiveness of various machine learning models for day-ahead electricity forecasting in a university building. The study benchmarks traditional statistical methods, XGBoost, recurrent neural networks, and the pretrained TimesFM model. TimesFM 3.0, particularly when incorporating weather covariates, demonstrated the lowest overall errors, reducing mean absolute error by approximately 43% compared to a naive seasonal forecast. While XGBoost remained competitive and offered faster local fitting, TimesFM provided a strong baseline without requiring building-specific training. AI
IMPACT TimesFM shows promise as a strong baseline for energy forecasting, potentially improving building management efficiency.
RANK_REASON Research paper published on arXiv detailing model performance. [lever_c_demoted from research: ic=1 ai=1.0]
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