Artificial Neural Networks for Spot Electricity Price Forecasting: A Review

Authors

  • Vijayalakshmi S. Department of Finance, IBS Hyderabad, IFHE University (a Deemed to-be-University under Section 3 of UGC Act 1956), India
  • Girish G.P. Department of Finance, IBS Hyderabad, IFHE University (a Deemed to-be-University under Section 3 of UGC Act 1956), India

Abstract

In this study we review literature related to short-term forecasting of spot electricity prices using Artificial Neural Networks in deregulated competitive power markets. With accurate price forecasts, power market participants can maximize their profits and meet their power commitments using a proper combination of power purchase agreements, bilateral trade and buying/selling electricity through power exchanges in a judicious, efficient and effective manner. Artificial Neural Network models may truly be an answer to short-term electricity spot price forecasting viz-a-viz time-series econometric models.Keywords: Artificial Neural Networks, Spot Electricity, Short term, Forecasting, Power Exchange, ReviewJEL Classifications: C01; C22; C53

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Author Biography

Girish G.P., Department of Finance, IBS Hyderabad, IFHE University (a Deemed to-be-University under Section 3 of UGC Act 1956), India

Dr. Girish G P's professional experience spans over a period of five years and he is currently an Assistant Professor at IBS Hyderabad, IFHE University (a Deemed-to-be-university under Section 3 of UGC Act. 1956), India. He was a Visiting Research Scholar at the Faculty of Business and Economics, Macquarie University, Sydney, Australia and also pursued a semester of his MBA in Adelaide, Australia under complete Scholarship (Study Abroad Program-IBS Adelaide-University of South Australia (UniSA)).Dr. Girish G P has obtained his bachelors in Electrical and Electronics Engineering from University Visveswaraya College of Engineering (UVCE), Bangalore University in 2008 and his Masters in Business Administration (Finance) from IBS Hyderabad, IFHE University in 2011. He has obtained his Doctorate from IBS Hyderabad, IFHE University in January 2015. He has always been a meritorious student and he was one among TOP 25 in Karnataka State Board Examination (12th Std). He was a recipient of Complete Scholarship for his MBA and PhD education from IBS Hyderabad, IFHE University.Dr. Girish G P is currently an Editorial Board Member for International Journal of Economics and Finance (ERA and ABDC Indexed Journal), World Journal of Economic and Finance (USA) and Journal of Management and Sustainability (Canada). He is also a Reviewer for International Journal of Electrical Power and Energy Systems, Elsevier Publishers (SCOPUS Indexed Journal), International Journal of Economics and Finance (ERA and ABDC Indexed Journal), Journal of Management and Sustainability (Canada), British Journal of Economics, Management & Trade (UK), International Journal of Statistics and Mathematics (USA), Journal of Business and Economic Management (UK), International Journal of Sustainable Energy and Environmental Research (Pakistan) and Issues in Business Management and Economics (Nigeria).Dr. Girish G P's research interests include Power Markets, Energy Economics and Risk Management.

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Published

2015-10-14

How to Cite

S., V., & G.P., G. (2015). Artificial Neural Networks for Spot Electricity Price Forecasting: A Review. International Journal of Energy Economics and Policy, 5(4), 1092–1097. Retrieved from https://econjournals.org.tr/index.php/ijeep/article/view/1446

Issue

Vol. 5 No. 4 (2015)

Section

Articles

License

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