Different price forecasting techniques and their application in deregulated electricity market: A comprehensive study

Since early 1980's the electrical industry is going under a continuous change. This change is leading to a complete different atmosphere where the ultimate benefit is provided to the end use customers, with a reliable and cheap electricity supply. This market is a customer driven market and price forecasting is an important tool to the market players. Various models and techniques have been developed by the researchers to determine the correct price in order to obtain the maximum profit. Discussion on various price forecasting techniques and their application in various electricity markets around the world has been discussed in this paper.