Accurate electricity price forecasting plays an important role in the profits of electricity market participants and the healthy development of electricity market. However, the electricity price time series hold the characteristics of volatility and randomness, which make it quite hard to forecast electricity price accurately. In this paper, a novel hybrid model for electricity price forecastin...

Short term load forecasting (STLF) plays an important role in the economic and reliable operation ofpower systems. Electric load demand has a complex profile with many multivariable and nonlineardependencies. In this study, recurrent neural network (RNN) architecture is presented for STLF. Theproposed model is capable of forecasting next 24-hour load profile. The main feature in this networkis ...

Long-term demand forecasting presents the first step in planning and developing future generation, transmission and distribution facilities. One of the primary tasks of an electric utility accurately predicts load demand requirements at all times, especially for long-term. Based on the outcome of such forecasts, utilities coordinate their resources to meet the forecasted demand using a least-co...

Accurate and effective electricity price forecasting is critical to market participants in order to make an appropriate risk management in competitive electricity markets. Market participants rely on price forecasts to decide on their bidding strategies, allocate assets and plan facility investments. However, due to its time variant behavior and non-linear and non-stationary nature, electricity...

accurate and effective electricity price forecasting is critical to market participants in order to make an appropriate risk management in competitive electricity markets. market participants rely on price forecasts to decide on their bidding strategies, allocate assets and plan facility investments. however, due to its time variant behavior and non-linear and non-stationary nature, electricity...

Abstract- In a typical competitive electricity market, a large number of short-term and long-term contracts are set on basis of energy price by an Independent System Operator (ISO). Under such circumstances, accurate electricity price forecasting can play a significant role in improving the more reasonable bidding strategies adopted by the electricity market participants. So, they cannot only r...

Following Estrella and Hardouvelis (1991) and Estrella and Mishkin (1995a, b), we study the ability of the term structure to predict recessions in eight countries. The results are fourfold. First, the yield curve provides information about the likelihood of future recessions in all countries. Second, term spreads are useful for predicting recessions as much as two years ahead. Third, while Germ...

Recent work in the macroeconometric literature considers the problem of summarising efficiently a large set of variables and using this summary for a variety of purposes including forecasting. This paper applies a new factor extraction method to the extraction of core inflation and forecasting of UK inflation in the recent past. JEL Codes:C13, C32

Load forecasting is an important component for power system energy management system. Precise load forecasting helps the electric utility to make unit commitment decisions, reduce spinning reserve capacity and schedule device maintenance plan properly and it also reduces the generation cost and increases reliability of power systems. In this work, a fuzzy logic approach for short term load fore...

Abstract In this paper we propose a modification to the standard forecasting, periodic order-up-tolevel inventory control approach to dealing with intermittent demand items, when the lead-time length is shorter than the average inter-demand interval. In particular, we develop an approach that relies upon the employment of separate estimates of the interdemand intervals and demand sizes, when de...