Mid-term electricity price forecasting using SVM

In the modern electricity market, it is very significant to have a precise electricity price forecasting in medium term time horizon. There are few studies done concentrating on the medium term forecasting of the electricity price. Medium term time horizon of electricity price forecasting is very useful and of great importance. It has many applications such as future maintenance scheduling of the power plants, risk management, plan future contracts, purchasing raw materials and determine the market pricing. To forecast the electricity price, some factors are very important, such as choosing the most useful price features that influence the market price, and choosing the proper prediction model that is able to predict the price variations behavior using the historical data. The proposed SVM method and the other employed methods are evaluated using the data from the New England ISO which are published at their official website.