Theory of grey systems and its application in electric load forecasting

In this paper, the basic concept of the grey system theory and the modeling of the grey system are introduced briefly. Based on the analysis of the characteristics of GM(1,1) model, Unbiased GM(1,1) model is proposed here. The comparison of GM(1,1) model and unbiased GM(1,1) model is given, the results of comparison show that Unbiased GM(1,1) model is better than GM(1,1) model. In the final part of the paper, Unbiased GM(1,1) model is used to do electric load forecasting.