Short-term electricity price forecasting using a fuzzy stochastic predictor

Abstract

In the competition paradigm of the electric power markets, both power producers and consumers need some price prediction tools in order to plan their bidding strategies. This paper presents a fuzzy stochastic prediction method for short-term price forecasting in pool-based power markets. The method employs a fuzzy linguistic summary approach in its parameter calculation, which can eliminate outliers and limit the data to a normal condition for prediction. Finally, results from real-world case studies based on the NEPool and NordPool markets are presented