DocumentCode
3096523
Title
Forecasting next-day electricity prices with Hidden Markov Models
Author
Zhang, Jianhua ; Wang, Jingyue ; Wang, Rui ; Hou, Guolian
Author_Institution
Beijing Key Lab. of Ind. Process Meas. & Control New Technol. & Syst., North China Electr. Power Univ., NCEPU, Beijing, China
fYear
2010
fDate
15-17 June 2010
Firstpage
1736
Lastpage
1740
Abstract
Next-day electricity prices forecasting is essential to consumers and producers. Due to the stochastic characteristics of the electricity price time series, a novel model of electricity price forecasting is presented based on the Hidden Markov Model (HMM). The factors impacting the electricity price forecasting are discussed. The proposed approach is utilized in an electricity market, the results show the effectiveness.
Keywords
hidden Markov models; power markets; pricing; electricity market; electricity price forecasting; hidden Markov model; stochastic characteristic; Economic forecasting; Energy consumption; Hidden Markov models; Laboratories; Power markets; Predictive models; Probability distribution; Stochastic processes; Support vector machines; Technology forecasting; Hidden Markov Model; electricity price forecasting; power market;
fLanguage
English
Publisher
ieee
Conference_Titel
Industrial Electronics and Applications (ICIEA), 2010 the 5th IEEE Conference on
Conference_Location
Taichung
Print_ISBN
978-1-4244-5045-9
Electronic_ISBN
978-1-4244-5046-6
Type
conf
DOI
10.1109/ICIEA.2010.5515281
Filename
5515281
Link To Document