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LSTM- and GRU-Based Time Series Models for Market Clearing Price Forecasting of Indian Deregulated Electricity Markets

  • Ashish UbraniEmail author
  • Simran Motwani
Conference paper
Part of the Advances in Intelligent Systems and Computing book series (AISC, volume 898)

Abstract

In a deregulated electricity market scenario, formulation of bidding strategies and investment decisions depends majorly on forecasting of Market Clearing Price (MCP). This research proposes and compares models based on Long Short-Term Memory (LSTM) and Gated Recurrent Unit (GRU) networks to achieve the same. Data for training and testing of the proposed models is collected from Indian Energy Exchange (IEX). Trained models are used to perform day-ahead and week-ahead predictions. Mean Absolute Percentage Error (MAPE) for each model in each case is calculated. Results show that both LSTM- and GRU-based models deliver a reasonably good overall performance with LSTM performing slightly better.

Keywords

Market clearing price (MCP) Deregulated electricity markets Long short-term memory (LSTM) networks Gated recurrent unit (GRU) networks 

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Copyright information

© Springer Nature Singapore Pte Ltd. 2019

Authors and Affiliations

  1. 1.Electrical DepartmentVeermata Jijabai Technological InstituteMumbaiIndia
  2. 2.Computer DepartmentVeermata Jijabai Technological InstituteMumbaiIndia

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