NDLI: An overview and verification of electricity price forecasting models

Content Provider	IEEE Xplore Digital Library
Author	Haghi, H.V. Moghaddas Tafreshi, S.M.
Copyright Year	2007
Description	Author affiliation: Fac. of Electr. Eng., K. N. Toosi Univ. of Technol., Tehran (Haghi, H.V.; Moghaddas Tafreshi, S.M.)
Abstract	Many methods and models have been developed to forecast the energy prices in the market environment since the restructuring of the electricity power industry. This paper presents a brief overview of different techniques and models in the literature of energy price forecasting. Then it compares and classifies different models and methods to verify whether these are suitable for different purposes of forecasting or not. Classification is based on the type of the models, suitability with respect to power market, time horizon, level of accuracy and forecasting aim. Based on this approach, a complementary classification of price forecasting models is proposed, which can be used for choosing the suitable method for certain cases. Also, the use of hidden Markov models (HMM), as an interesting method, is proposed in detail with a modeling and simulation by using the Spanish electricity market data.
Starting Page	724
Ending Page	729
File Size	405701
Page Count	6
File Format	PDF
ISBN	9789810594237
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2007-12-03
Publisher Place	Singapore
Access Restriction	Subscribed
Rights Holder	Nanyang Technological University
Subject Keyword	Power engineering hidden Markov models Energy price forecasting Predictive models price models verification time series
Content Type	Text
Resource Type	Article

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