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Forecasting next-day electricity prices by time series models

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4 Author(s)
Nogales, F.J. ; E.T.S. de Ingenieros Industriales, Univ. de Castilla-La Mancha, Ciudad Real, Spain ; Contreras, J. ; Conejo, A.J. ; Espinola, R.

In the framework of competitive electricity markets, power producers and consumers need accurate price forecasting tools. Price forecasts embody crucial information for producers and consumers when planning bidding strategies in order to maximize their benefits and utilities, respectively. This paper provides two highly accurate yet efficient price forecasting tools based on time series analysis: dynamic regression and transfer function models. These techniques are explained and checked against each other. Results and discussions from real-world case studies based on the electricity markets of mainland Spain and California are presented

Published in:

Power Systems, IEEE Transactions on  (Volume:17 ,  Issue: 2 )

Date of Publication:

May 2002

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