Forecasting next-day electricity prices by time series models
Top Cited Papers
- 7 August 2002
- journal article
- Published by Institute of Electrical and Electronics Engineers (IEEE) in IEEE Transactions on Power Systems
- Vol. 17 (2) , 342-348
- https://doi.org/10.1109/tpwrs.2002.1007902
Abstract
In the framework of competitive electricity markets, power producers and consumers need accurate price forecasting tools. Price forecasts embody crucial information for producers and consumers when planning bidding strategies in order to maximize their benefits and utilities, respectively. This paper provides two highly accurate yet efficient price forecasting tools based on time series analysis: dynamic regression and transfer function models. These techniques are explained and checked against each other. Results and discussions from real-world case studies based on the electricity markets of mainland Spain and California are presented.Keywords
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