State-of-the-art of electricity price forecasting

Abstract

Since the deregulation of the electricity power industry, many methods and techniques have been developed to forecast the electricity prices in the competitive environment. This paper classifies and compares different techniques in the literature of electricity price forecasting. The information is summarized based on the technical objectives, scope, time horizon, input data and the level of accuracy. The methods and techniques for electricity price forecasting are categorized into equilibrium analysis, simulation methods, time series, econometric methods, intelligent systems, and volatility analysis