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Forecasting next-day electricity prices with Hidden Markov Models

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4 Author(s)
Jianhua Zhang ; Beijing Key Lab. of Ind. Process Meas. & Control New Technol. & Syst., North China Electr. Power Univ., NCEPU, Beijing, China ; Jingyue Wang ; Rui Wang ; Guolian Hou

Next-day electricity prices forecasting is essential to consumers and producers. Due to the stochastic characteristics of the electricity price time series, a novel model of electricity price forecasting is presented based on the Hidden Markov Model (HMM). The factors impacting the electricity price forecasting are discussed. The proposed approach is utilized in an electricity market, the results show the effectiveness.

Published in:

Industrial Electronics and Applications (ICIEA), 2010 the 5th IEEE Conference on

Date of Conference:

15-17 June 2010