NDLI: Mid-term electricity market clearing price forecasting using multiple least squares support vector machines

Content Provider	IET Digital Library
Author	Yan, Xing Chowdhury, Nurul A.
Abstract	Mid-term electricity market clearing price (MCP) forecasting has become essential for resources reallocation, maintenance scheduling, bilateral contracting, budgeting and planning purposes. Currently, there are many techniques available for short-term electricity MCP forecasting, but very little has been done in the area of mid-term electricity MCP forecasting. A multiple least squares support vector machine (LSSVM) based mid-term electricity MCP forecasting model is proposed in this study. Data classification and price forecasting modules are designed to first pre-process the input data into corresponding price zones, and then forecast the electricity price. The proposed model showed improved forecasting accuracy on both peak prices and overall system compared to the forecasting model using a single LSSVM. PJM interconnection data are used to test the proposed model.
Starting Page	1572
Ending Page	1582
Page Count	11
ISSN	17518687
Volume Number	8
e-ISSN	17518695
Issue Number	Issue 9, Sep (2014)
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/iet-gtd/8/9
Alternate Webpage(s)	https://digital-library.theiet.org/content/journals/10.1049/iet-gtd.2013.0610
Journal	IET Generation, Transmission & Distribution
Publisher Date	2014-03-27
Access Restriction	Open
Rights Holder	© The Institution of Engineering and Technology
Subject Keyword	Bilateral Contracting Budgeting Purpose Data Classification Interpolation And Function Approximation Knowledge Engineering Technique Least Squares Approximation LSSVM-based Mid-term Electricity MCP Forecasting Model Maintenance Engineering Maintenance Scheduling Mid-term Electricity Market Clearing Price Forecasting Multiple-least Square Support Vector Machine Numerical Analysis PJM Interconnection Data Planning Purpose Plant Engineering, Maintenance And Safety Power Engineering Computing Power Market Power System Economics Power System Managemen Power System Operation Price Forecasting Module Price Zones Resource Reallocation Short-term Electricity MCP Forecasting Support Vector Machine
Content Type	Text
Resource Type	Article
Subject	Control and Systems Engineering Energy Engineering and Power Technology Electrical and Electronic Engineering

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