arXiv AI By Amey Vasulkar, Samuel Kernan Freire, Arie-Willem de Leeuw, Tadeo-Baldiri Salcedo-Rahola

Machine Learning and Time-Series Foundation Models for Day-Ahead Electricity Forecasting in a University Building

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The study benchmarks various forecasting models—including statistical, machine‑learning, recurrent neural networks, and pretrained TimesFM—for day‑ahead electricity demand in a university building. TimesFM 3.0 with weather covariates achieves the lowest overall mean absolute error, outperforming a weekly seasonal‑naive baseline by about 43%, while XGBoost remains competitive and requires only local fitting. The LSTM model takes longer to train without improving accuracy, and TimesFM’s performance is robust even without covariates, though covariates slightly improve holiday forecasts.

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