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Forecasting Models of Electricity Prices

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ISBN: 9783038424154 9783038424147 Year: Pages: VIII, 250 DOI: 10.3390/books978-3-03842-414-7 Language: English
Publisher: MDPI - Multidisciplinary Digital Publishing Institute
Subject: Environmental Engineering
Added to DOAB on : 2017-06-09 09:21:40
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Abstract

The new competitive electricity markets make it imperative for companies related to electricity production and retail to have tools in place for energy offers. Price forecasting is critical when making offers in electricity markets, since it is considerably more complex than demand forecasting and the level of uncertainty is higher. Knowing electricity prices beforehand makes it possible for generators to determine their optimal production strategy in order to maximize their profit. Similarly, consumers and retailers can plan their consumption and produce energy bids to maximize their utility. Therefore, price forecasting is instrumental both for producers, retailers and consumers.

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2017 (1)