As the domestic electricity spot market rapidly evolves, accurate electricity price forecasting is essential for market participants to develop trading strategies, assess risks, and optimize resources. However, day-ahead prices are influenced by supply-demand dynamics, weather, generation costs, policy changes, and participant behavior, leading to significant volatility and prediction challenges. This paper evaluates these influencing factors and proposes a short-term prediction method using the IQR-RANSAC algorithm, which enhances prediction accuracy and stability by removing outliers. Experimental results indicate that the polynomial regression model combined with IQR-RANSAC effectively forecasts day-ahead prices. Business implications are discussed.

Day-Ahead Tariff Prediction Method for Power Trading Market Based on IQR-RANSAC

Mandolfo, Marco;Noci, Giuliano
2024-01-01

Abstract

As the domestic electricity spot market rapidly evolves, accurate electricity price forecasting is essential for market participants to develop trading strategies, assess risks, and optimize resources. However, day-ahead prices are influenced by supply-demand dynamics, weather, generation costs, policy changes, and participant behavior, leading to significant volatility and prediction challenges. This paper evaluates these influencing factors and proposes a short-term prediction method using the IQR-RANSAC algorithm, which enhances prediction accuracy and stability by removing outliers. Experimental results indicate that the polynomial regression model combined with IQR-RANSAC effectively forecasts day-ahead prices. Business implications are discussed.
2024
Proceedings - 2024 3rd Asian Conference on Frontiers of Power and Energy, ACFPE 2024
feature engineering
IQR
machine learning
Power trading
RANSAC
File in questo prodotto:
Non ci sono file associati a questo prodotto.

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11311/1285379
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 0
  • ???jsp.display-item.citation.isi??? 0
social impact