Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy
Forecasting the electricity price and load has been a critical area of concern for researchers over the last two decades. There has been a significant economic impact on producers and consumers. Various techniques and methods of forecasting have been developed. The motivation of this paper is to pre...
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| Format: | Article |
| Language: | English |
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MDPI AG
2021-11-01
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| Series: | Energies |
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| Online Access: | https://www.mdpi.com/1996-1073/14/22/7473 |
| _version_ | 1797510481774116864 |
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| author | Hakan Acaroğlu Fausto Pedro García Márquez |
| author_facet | Hakan Acaroğlu Fausto Pedro García Márquez |
| author_sort | Hakan Acaroğlu |
| collection | DOAJ |
| description | Forecasting the electricity price and load has been a critical area of concern for researchers over the last two decades. There has been a significant economic impact on producers and consumers. Various techniques and methods of forecasting have been developed. The motivation of this paper is to present a comprehensive review on electricity market price and load forecasting, while observing the scientific approaches and techniques based on wind energy. As a methodology, this review follows the historical and structural development of electricity markets, price, and load forecasting methods, and recent trends in wind energy generation, transmission, and consumption. As wind power prediction depends on wind speed, precipitation, temperature, etc., this may have some inauspicious effects on the market operations. The improvements of the forecasting methods in this market are necessary and attract market participants as well as decision makers. To this end, this research shows the main variables of developing electricity markets through wind energy. Findings are discussed and compared with each other via quantitative and qualitative analysis. The results reveal that the complexity of forecasting electricity markets’ price and load depends on the increasing number of employed variables as input for better accuracy, and the trend in methodologies varies between the economic and engineering approach. Findings are specifically gathered and summarized based on researches in the conclusions. |
| first_indexed | 2024-03-10T05:32:07Z |
| format | Article |
| id | doaj.art-0c3363a9c4854490b235d6d8c9785eec |
| institution | Directory Open Access Journal |
| issn | 1996-1073 |
| language | English |
| last_indexed | 2024-03-10T05:32:07Z |
| publishDate | 2021-11-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Energies |
| spelling | doaj.art-0c3363a9c4854490b235d6d8c9785eec2023-11-22T23:08:51ZengMDPI AGEnergies1996-10732021-11-011422747310.3390/en14227473Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind EnergyHakan Acaroğlu0Fausto Pedro García Márquez1Department of Economics, Faculty of Economics and Administrative Sciences, Eskisehir Osmangazi University, Eskisehir 26480, TurkeyIngenium Research Group, University of Castilla-La Mancha, 13004 Ciudad Real, SpainForecasting the electricity price and load has been a critical area of concern for researchers over the last two decades. There has been a significant economic impact on producers and consumers. Various techniques and methods of forecasting have been developed. The motivation of this paper is to present a comprehensive review on electricity market price and load forecasting, while observing the scientific approaches and techniques based on wind energy. As a methodology, this review follows the historical and structural development of electricity markets, price, and load forecasting methods, and recent trends in wind energy generation, transmission, and consumption. As wind power prediction depends on wind speed, precipitation, temperature, etc., this may have some inauspicious effects on the market operations. The improvements of the forecasting methods in this market are necessary and attract market participants as well as decision makers. To this end, this research shows the main variables of developing electricity markets through wind energy. Findings are discussed and compared with each other via quantitative and qualitative analysis. The results reveal that the complexity of forecasting electricity markets’ price and load depends on the increasing number of employed variables as input for better accuracy, and the trend in methodologies varies between the economic and engineering approach. Findings are specifically gathered and summarized based on researches in the conclusions.https://www.mdpi.com/1996-1073/14/22/7473electricity priceelectricity loadelectricity price forecastingwind energyday-ahead marketintra-day market |
| spellingShingle | Hakan Acaroğlu Fausto Pedro García Márquez Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy Energies electricity price electricity load electricity price forecasting wind energy day-ahead market intra-day market |
| title | Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy |
| title_full | Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy |
| title_fullStr | Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy |
| title_full_unstemmed | Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy |
| title_short | Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy |
| title_sort | comprehensive review on electricity market price and load forecasting based on wind energy |
| topic | electricity price electricity load electricity price forecasting wind energy day-ahead market intra-day market |
| url | https://www.mdpi.com/1996-1073/14/22/7473 |
| work_keys_str_mv | AT hakanacaroglu comprehensivereviewonelectricitymarketpriceandloadforecastingbasedonwindenergy AT faustopedrogarciamarquez comprehensivereviewonelectricitymarketpriceandloadforecastingbasedonwindenergy |