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Erschienen in:
Models of Strategic Bidding in Electricity Markets Under Network Constraints Kapitel lesen Erstes Kapitel lesen

2012 | OriginalPaper | Buchkapitel

Short-Term Electricity Market Prices: A Review of Characteristics and Forecasting Methods

verfasst von : Hamid Zareipour

Erschienen in: Handbook of Networks in Power Systems I

Verlag: Springer Berlin Heidelberg

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Abstract

In this chapter, short-term electricity price modeling and forecasting in competitive electricity markets is presented. Dominant characteristics of short-term electricity prices such as, seasonality, non-stationarity, spikes and volatility are discussed and numerical examples from real-life markets are presented. A review of the existing literature on short-term electricity price forecasting is also provided, followed by an overview of the process of building data-driven models for electricity prices. Furthermore, some popular time series models for electricity market price modeling and forecasting, such as ARIMA models, are discussed. A case study is also presented in which Ontario electricity market prices are modeled and 24-h-ahead forecast are generated.

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Vorheriges Kapitel Finding Joint Bidding Strategies for Day-Ahead Electricity and Related Markets
Nächstes Kapitel Forecasting Prices in Electricity Markets: Needs, Tools and Limitations
Fußnoten
1
Electric energy and operating reserves markets in Ontario are based on a joint uniform market clearing pricing scheme. The average of the 12 five-minute energy market clearing prices (MCPs) over an hour is defined as the HOEP. The HOEP uniformly applies to all load zones and generators within the province, and forms the basis of most of the financial settlements. The transmission system is ignored when calculating Ontario MCPs [13].
 
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Metadaten
Titel
Short-Term Electricity Market Prices: A Review of Characteristics and Forecasting Methods
verfasst von
Hamid Zareipour
Copyright-Jahr
2012
Verlag
Springer Berlin Heidelberg
Buch
Handbook of Networks in Power Systems I

Print ISBN: 978-3-642-23192-6

Electronic ISBN: 978-3-642-23193-3

Copyright-Jahr: 2012

DOI
https://doi.org/10.1007/978-3-642-23193-3_4