NDLI: Dynamic discrete model for electricity price forecasting

Content Provider	IEEE Xplore Digital Library
Author	Nowakowska, L.
Copyright Year	2015
Description	Author affiliation: Warsaw Sch. of Econ., Warsaw, Poland (Nowakowska, L.)
Abstract	Price in the wholesale energy markets is established by matching supply (what generators want to sell) and demand (what utilities and customers want to buy). Developing the proper pricing strategies is becoming increasingly relevant to producers and consumers in the new competitive electric power markets. Price-forecasting tools are essential for all market participants for their survival under new deregulated environment. The goal of this paper is to construct a discrete dynamic model which can be used to forecast energy price in this kind of market. This mathematical model consists of four recursive, first-order equations describing current demand, forecasted demand and amount of energy being produced by generators. Based on this model the price for the next period can be calculated. The basic concepts such as changes of supply and demand and their influence on the market are firstly listed and described. It is also shown that this model is universal and providing necessary data can be applied to different energy market.
Starting Page	1
Ending Page	6
File Size	361178
Page Count	6
File Format	PDF
ISBN	9781467371711
e-ISBN	9781467371728
DOI	10.1109/IYCE.2015.7180798
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2015-05-27
Publisher Place	Italy
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Price forecasting Demand forecasting Predictive models Electricity supply industry Generators Data models Dynamic discrete model Power systems Mathematical model Forecasting Day-ahead electricity market
Content Type	Text
Resource Type	Article

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4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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