One hour Ahead Short-Term Electricity Price Forecasting Using ANN Algorithms

Abstract

For decision making in context of newly formed electricity price market the most essential parameter is price forecasting of electricity. Without price forecasting it is very hectic for producers and consumers to figure out or plan their operation and management of price in today’s competitive market. Short term price forecasting is a tool to consumer and power producer for accurate bidding techniques to enhance their net profit. In this research paper artificial intelligence (AI) is being used for forecasting. Another simulated neural system (SNS) has been utilized to register the estimated cost in Ontario power market utilizing MATLAB R14a.