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Survey and Evaluation on Modelling of Next-Day Electricity Prices

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Modeling, Dynamics, Optimization and Bioeconomics I

Part of the book series: Springer Proceedings in Mathematics & Statistics ((PROMS,volume 73))

Abstract

Existing energy markets are evolving into competitive structures. Competitive structures dictate precise forecasting of next-day prices. Hence, next-day electricity price forecasting models are presented in this survey. Studies on next day electricity price forecasting are categorized as time-series methods, simulation and game-theory based methods. Considering the existence of explanatory variables and domain (time or frequency) of models, a new taxonomy is defined. Applications and theoretical improvements on forecasting of next day’s electricity price are presented. Different approaches are also highlighted to show their effects on tackling the forecasting issues and suppressing the disadvantages of classical methods.

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Author information

Authors and Affiliations

  1. Institute of Applied Mathamatics, Middle East Technical University, Ankara, Turkey

    Miray Hanım Yıldırım & Gerhard-Wilhelm Weber

  2. Department of Industrial Engineering, Cankaya University, Ankara, Turkey

    Miray Hanım Yıldırım & Özlem Türker Bayrak

Authors
  1. Miray Hanım Yıldırım
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  2. Özlem Türker Bayrak
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  3. Gerhard-Wilhelm Weber
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Correspondence to Miray Hanım Yıldırım .

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Editors and Affiliations

  1. University of Porto, Department of Mathematics, Porto, Portugal

    Alberto Adrego Pinto

  2. Univ. of California, Dept. of Agricultural and Resource Economics, Berkeley, California, USA

    David Zilberman

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Yıldırım, M.H., Bayrak, Ö.T., Weber, GW. (2014). Survey and Evaluation on Modelling of Next-Day Electricity Prices. In: Pinto, A., Zilberman, D. (eds) Modeling, Dynamics, Optimization and Bioeconomics I. Springer Proceedings in Mathematics & Statistics, vol 73. Springer, Cham. https://doi.org/10.1007/978-3-319-04849-9_41

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