Benchmarking time series based forecasting models for electricity balancing market prices
نویسندگان
چکیده
منابع مشابه
Further Advances in Forecasting Day-Ahead Electricity Prices Using Time Series Models
Forecasting prices in electricity markets is critical for consumers and producers in planning their operations and managing their price risk. We utilize the generalized autoregressive conditionally heteroskedastic (GARCH) method to forecast the electricity prices in two regions of New York: New York City and Central New York State. We contrast the one-day forecasts of the GARCH against techniqu...
متن کاملEnhanced Forecasting Approach for Electricity Market Prices and Wind Power Data Series in the Short-Term
The uncertainty and variability in electricity market price (EMP) signals and players’ behavior, as well as in renewable power generation, especially wind power, pose considerable challenges. Hence, enhancement of forecasting approaches is required for all electricity market players to deal with the non-stationary and stochastic nature of such time series, making it possible to accurately suppo...
متن کاملForecasting Electricity Load and Prices in an Algerian Deregulated Market
In a competitive electricity market environment, power producers and consumers need, on one hand, accurate load and/or electricity consumption forecasting tools. These tools will ensure an a-priori knowledge on the amount of energy needed for production. On the other hand, forecasting electricity prices, may play a very important role for producers and consumers when planning bidding strategies...
متن کاملNCER Working Paper Series Forecasting Spikes in Electricity Prices
In many electricity markets, retailers purchase electricity at an unregulated spot price and sell to consumers at a heavily regulated price. Consequently the occurrence of extreme movements in the spot price represents a major source of risk to retailers and the accurate forecasting of these extreme events or price spikes is an important aspect of effective risk management. Traditional approach...
متن کاملModels for Electricity Prices
The deregulation of electricity markets has led to higher uncertainty in electricity prices. Electricity, as a commodity, differs from other commodities and financial assets as it is not storable. Among the consequences of this non-storability restriction, the most conspicuous one is the presence of large spikes in electricity prices. Another outcome of the non-storability of electricity is tha...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Energy Systems
سال: 2013
ISSN: 1868-3967,1868-3975
DOI: 10.1007/s12667-013-0103-3