Title :
Forecasting hourly electricity prices for bidding optimization
Author_Institution :
Dept. of Electr. Power Eng., NTNU, Trondheim, Norway
Abstract :
This paper presents a model for the prediction of hourly day-ahead prices in the Nordic electricity market. The aim is to make a model suited for scenario generation for stochastic optimization of bids for a hydro power producer. Hourly prices are estimated through panel data methodology, and the analysis shows that most external explanation factors should have hour-specific coefficients.
Keywords :
hydroelectric power stations; optimisation; power markets; Nordic electricity market; bidding optimization; hourly day-ahead price prediction; hourly electricity price forecasting; hydro power producer; panel data methodology; stochastic optimization; Correlation; Production; Reservoirs; Stochastic processes; Temperature; Wind forecasting; Wind power generation;
Conference_Titel :
European Energy Market (EEM), 2015 12th International Conference on the
Conference_Location :
Lisbon
DOI :
10.1109/EEM.2015.7216636
