Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/38079
Title: Day-ahead electricity market price forecasting based on Panel Cointegration
Authors: Li, XI
Yu, CW
Ren, S
Meng, KE
Liu, G
Keywords: Electricity market
PJM
Panel cointegration
Price forecasting
Issue Date: 2010
Source: 2010 IEEE Power & Energy Society General Meeting, PES '10, Minneapols, Minnesota, USA, 25-29 July 2010, p. 1-7 How to cite?
Abstract: This paper proposes a novel technique to forecast day-ahead electricity prices based on Panel Cointegration (PC). The current researches on the electricity price forecasting focus on the analysis of unstable economic time series. However, due to the difference of the allocation of power resource and consumption in different regions, the time series of electricity consumption and sales price in a single region cannot contain all information in different regions. In view of the disadvantages of the time series, the panel data is introduced to investigate the long-term equilibrium relationship and the short-term adjustment relationship between electricity consumption and sales price in the paper. The fundamental and novel contribution of the paper is to apply the PC to forecast accurately in day-ahead energy market price. The whole forecasting framework shows the use of PC model in predicting price behavior. Results from the electricity market of PJM in year 2008 are reported.
URI: http://hdl.handle.net/10397/38079
ISBN: 978-1-4244-6549-1
978-1-4244-8357-0 (E-ISBN)
DOI: 10.1109/PES.2010.5589977
Appears in Collections:Conference Paper

Access
View full-text via PolyU eLinks SFX Query
Show full item record

Page view(s)

21
Last Week
0
Last month
Checked on Aug 20, 2017

Google ScholarTM

Check

Altmetric



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.