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Day ahead Price Forecasting in Deregulated Electricity Market Using Artificial Neural Network
Kanchan K. Nargale*, S. B. Patil

Published in: International Journal of Scientific Review and Research in Engineering and Technology
Volume- 1, Issue-4, pp.74-87, Jun 2016
DPI :-> 16.10069.IJSRRET.2016.V1I4.7487.1317



Abstract
Now a day the in a many electricity industries; the price forecasting plays an important role to design the physical bilateral contracts. This forecasting also helps to the independent generators for setting up the optimal bidding patterns. By using this forecasting method the different market players can predicts the future electricity prices, because the future electricity prices can be depends on the forecasting. There are many papers have been presented on the forecasting of electricity market price such methods are based on time series, artificial intelligence and hybrid methods. But in these papers the spikes occurred while predicting the market price. So it is necessary to remove price spikes as noise before the prediction of market price. In this paper,forward artificial neural network is used for price forecasting. The price forecasting is done with the help of historical price data. Also for the more accuracy of electricity price forecasting, an Artificial Neural Network (ANN) method is developed in this paper. The ANN method is used in this paper for the short term price forecasting of electricity where the market has low power. This proposed ANN method has four layers for the perceptron neural networks these layers are one input layer two hidden layers and one output layer. To get the high performance, the proposed system uses the Ontario electricity market. To design the proposed system, the Matlab software is used for the ANN model for training the data.

Key-Words / Index Term
Electricity Market and Price Forecasting and Artificial Neural Network (ANN), SVM, Levenberg - Marquart back propagation (LMBP).

How to cite this article
Kanchan K. Nargale*, S. B. Patil , “Day ahead Price Forecasting in Deregulated Electricity Market Using Artificial Neural Network”, International Journal of Scientific Review and Research in Engineering and Technology, 1, Issue-4, pp.74-87, Jun 2016. DPI:16.10069.IJSRRET.V1.I4.1317