In this paper the problem of modeling electricity price dynamics in deregulated energy markets is studied. Since the nature of customers' energy consumption, market participants' strategic behavior and the power system reliability indices are stochastic processes, the electricity price model will be stochastic as well. In our analysis the price of electricity is modeled based on the customers' ...

It is very important to forecast electricity price in a deregulated electricity market for choosing the bidding strategy, and it is the most important signal for other players. It engulfs information for both customers and producers in order to maximize their profit. Thus, choosing the best method of price forecasting is a crucial task to have the most accurate forecast. In this paper the price...

High electricity demand peaks and uncertain supply from renewable energy sources have a significant impact on the electricity price and the network capacity. One mechanism proposed to tackle this issue is the use of real-time pricing (RTP) at the end customer level. Here electricity retail prices are set in real-time in response to varying supply-demand conditions in a way that reduces peak dem...

In this paper, for efficient energy consumption through the residential demand response in the smart grid, an optimization algorithm, which can provide a schedule plan for the home appliance usages, is proposed. In order to minimize the average electricity price based on the time-varying electricity price in conjunction with the peak hourly load, which decides the capacity of the electric suppl...

Electricity industries around the world have significantly restructured in order to improve their economic efficiency, reliability of power systems and accountability. Accurate prediction of day-ahead electricity nodal price has now become an important activity to address the system operations and price volatility in the restructured electricity market. This will facilitate the market participa...

The electricity market has been widely introduced in many countries all over the world and the study on electricity price forecast technology has drawn a lot of attention. In this paper, with different parameter Ci and ei assigned to each training data, the flexible Ci Support Vector Regression (SVR) model is developed in terms of the particularity of the price forecast in electricity market. F...

This paper develops hedging strategies for an electricity distributor in the Nordic electricity market who manages price and volume risk from fixed price agreements on stochastic electricity load. Whereas the distributor trades in the spot market at area prices, the financial contracts used for hedging are settled against the system price. Both the area price and the system price are correlated...

Under spot electricity pricing the price of electricity represents actual demand and supply equilibrium conditions and consumers respond to price variations so as to achieve the best cost-service tradeoff over a given time period. Using a decision modelling approach developed for prescribing consumer response to a varying electricity price, the case of space conditioning usage is analyzed in de...