Title :
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
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;
Conference_Titel :
Energy Management and Power Delivery, 1998. Proceedings of EMPD '98. 1998 International Conference on
Print_ISBN :
0-7803-4495-2
DOI :
10.1109/EMPD.1998.705516
