Title :
GA based optimized LS-SVM forecasting of short term electricity price in competitive power markets
Author :
Mahjoob, M.J. ; Abdollahzade, M. ; Zarringhalam, R.
Author_Institution :
Sch. of Mech. Eng., Univ. of Tehran, Tehran
Abstract :
Development of competitive power markets has emerged an increasing tendency to forecast the future prices among both the producers and the consumers with the major aim of profit maximization. A least-square support vector machines approach, in combination with a hybrid genetic algorithm based optimization is proposed in this paper to forecast market clearing prices in two different power markets. The forecasting results are compared to a select variety of previously proposed methods such as MLP, ARIMA, wavelet- ARIMA, neuro-fuzzy and time series based models. The performed comprehensive comparison demonstrates the remarkable accuracy and effectiveness of the proposed method.
Keywords :
economic forecasting; genetic algorithms; least squares approximations; power engineering computing; power markets; pricing; support vector machines; GA; LS-SVM forecasting; competitive power markets; hybrid genetic algorithm; least-square support vector machines; optimization; profit maximization; short term electricity price; Artificial neural networks; Contracts; Economic forecasting; Electricity supply industry; Fuzzy neural networks; Fuzzy systems; Genetic algorithms; Power markets; Predictive models; Support vector machines;
Conference_Titel :
Industrial Electronics and Applications, 2008. ICIEA 2008. 3rd IEEE Conference on
Conference_Location :
Singapore
Print_ISBN :
978-1-4244-1717-9
Electronic_ISBN :
978-1-4244-1718-6
DOI :
10.1109/ICIEA.2008.4582483