Electricity spot price forecasting as a part of energy management in de-regulated power market

Author

Koreneff, Göran ; Seppälä, Anssi ; Lehtonen, Matti ; Kekkonen, Veikko ; Laitinen, Erkki ; Hakli, Jukka ; Antila, Erkki

Author_Institution

VTT Energy, Espoo, Finland

Volume

1

fYear

1998

fDate

3-5 Mar 1998

Firstpage

223

Abstract

A method for spot price forecasting in electricity exchange is presented. In the beginning of the paper, the practices of the electricity exchange of Finland are described, and a brief presentation is given on the different contracts, or electricity products, available in the spot market. For comparison, the Nordic electricity exchange is also discussed. The structure of the forecasting model, based on time series analysis, is presented, and its validity is tested using real case data obtained from the Finnish power market. The spot price forecasting model is a part of a larger computer system for distribution energy management (DEM) in a de-regulated power market

Keywords

costing; electricity supply industry; load management; time series; Finland; Finnish power market; Nordic electricity exchange; computer system; contracts; de-regulated power market; distribution energy management; electricity exchange; electricity products; electricity spot price forecasting; energy management; forecasting model; time series analysis; Contracts; Distributed computing; Economic forecasting; Energy management; Load forecasting; Power markets; Power system modeling; Predictive models; Testing; Time series analysis;

fLanguage

English

Publisher

ieee

Conference_Titel

Energy Management and Power Delivery, 1998. Proceedings of EMPD '98. 1998 International Conference on

Print_ISBN

0-7803-4495-2

Type

conf

DOI

10.1109/EMPD.1998.705516

Filename

705516