APPLICATION OF A NEW HYBRID METHOD FOR DAY-AHEAD ENERGY PRICE FORECASTING IN IRANIAN ELECTRICITY MARKET

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ASRARI A.; JAVIDI M.H.

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Journal Paper

Paper Information

Journal: IRANIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING Year:2012 | Volume:8 | Issue:4 Page(s): 322-328

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Title

APPLICATION OF A NEW HYBRID METHOD FOR DAY-AHEAD ENERGY PRICE FORECASTING IN IRANIAN ELECTRICITY MARKET

Author(s)

ASRARI A. | JAVIDI M.H. | Issue Writer Certificate

Keywords

ENERGY PRICE

GRAY MODEL

FUZZY APPROACH

MARKOV CHAIN MODEL

TRANSITION PROBABILITY MATRIX

Abstract

In a typical competitive electricity market, a large number of short-term and long-term contracts are set on the basis of ENERGY PRICE by an Independent System Operator (ISO). Under such circumstances, accurate electricity price forecasting can lead to the more reasonable bidding strategies adopted by the electricity market participants. Using this prediction, the participants raise their profit and manage the relevant market more efficiently. This conspicuous reason has motivated the researchers to develop the most accurate, though sophisticated, forecasting models to predict the short-term electricity price as precisely as possible. In this article, a new method is suggested to forecast the next day' s electricity price of Iranian Electricity Market. The authors have used this hybrid model successfully in their previous papers to predict the electric load data of Ontario Electricity Market and of the operating reserve data of Khorasan Electricity Network.

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APA: Copy

ASRARI, A., & JAVIDI, M.H.. (2012). APPLICATION OF A NEW HYBRID METHOD FOR DAY-AHEAD ENERGY PRICE FORECASTING IN IRANIAN ELECTRICITY MARKET. IRANIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING, 8(4), 322-328. SID. https://sid.ir/paper/299873/en

Vancouver: Copy

ASRARI A., JAVIDI M.H.. APPLICATION OF A NEW HYBRID METHOD FOR DAY-AHEAD ENERGY PRICE FORECASTING IN IRANIAN ELECTRICITY MARKET. IRANIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING[Internet]. 2012;8(4):322-328. Available from: https://sid.ir/paper/299873/en

IEEE: Copy

A. ASRARI, and M.H. JAVIDI, “APPLICATION OF A NEW HYBRID METHOD FOR DAY-AHEAD ENERGY PRICE FORECASTING IN IRANIAN ELECTRICITY MARKET,” IRANIAN JOURNAL OF ELECTRICAL AND ELECTRONIC ENGINEERING, vol. 8, no. 4, pp. 322–328, 2012, [Online]. Available: https://sid.ir/paper/299873/en

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