AN ELM FOR BI-CLASSIFICATION OF VERTICALLY BUNDLED ELECTRICITY MARKET PRICES
Electricity price forecasting is a challenging problem owing to the very great volatility of price which depends on many factors. This is especially prominent for both producers and consumers where a versatile price forecasting is crucial. This paper contributes an extreme learning machine (ELM) to...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
ICT Academy of Tamil Nadu
2018-10-01
|
| Series: | ICTACT Journal on Soft Computing |
| Subjects: | |
| Online Access: | http://ictactjournals.in/ArticleDetails.aspx?id=3188 |
| _version_ | 1818639687998242816 |
|---|---|
| author | S Anbazhagan V Sivakumar |
| author_facet | S Anbazhagan V Sivakumar |
| author_sort | S Anbazhagan |
| collection | DOAJ |
| description | Electricity price forecasting is a challenging problem owing to the very great volatility of price which depends on many factors. This is especially prominent for both producers and consumers where a versatile price forecasting is crucial. This paper contributes an extreme learning machine (ELM) to classify the prices. These price classifications are essential since all market players do not know the precise value of future prices in their deciding procedure. In this paper, bi-classification model is proposed for prices utilizing the pre-specified price threshold. Three alternative classification models based on neural networks (NNs) are also proposed in bi-classification of prices. The performance of the proposed models is compared in terms of classification error and accuracy. The simulation results show that the ELM classification model is superior compared to three other classification models based on NNs. The performances of our models are evaluated using real data from vertically unbundled mainland Spain power system market. |
| first_indexed | 2024-12-16T22:59:21Z |
| format | Article |
| id | doaj.art-ae1fed8df1df42108e168af82af00ba0 |
| institution | Directory Open Access Journal |
| issn | 0976-6561 2229-6956 |
| language | English |
| last_indexed | 2024-12-16T22:59:21Z |
| publishDate | 2018-10-01 |
| publisher | ICT Academy of Tamil Nadu |
| record_format | Article |
| series | ICTACT Journal on Soft Computing |
| spelling | doaj.art-ae1fed8df1df42108e168af82af00ba02022-12-21T22:12:48ZengICT Academy of Tamil NaduICTACT Journal on Soft Computing0976-65612229-69562018-10-01811567157310.21917/ijsc.2017.0219AN ELM FOR BI-CLASSIFICATION OF VERTICALLY BUNDLED ELECTRICITY MARKET PRICESS Anbazhagan0V Sivakumar1Annamalai University, IndiaAnubavam Technologies Private Limited, USAElectricity price forecasting is a challenging problem owing to the very great volatility of price which depends on many factors. This is especially prominent for both producers and consumers where a versatile price forecasting is crucial. This paper contributes an extreme learning machine (ELM) to classify the prices. These price classifications are essential since all market players do not know the precise value of future prices in their deciding procedure. In this paper, bi-classification model is proposed for prices utilizing the pre-specified price threshold. Three alternative classification models based on neural networks (NNs) are also proposed in bi-classification of prices. The performance of the proposed models is compared in terms of classification error and accuracy. The simulation results show that the ELM classification model is superior compared to three other classification models based on NNs. The performances of our models are evaluated using real data from vertically unbundled mainland Spain power system market.http://ictactjournals.in/ArticleDetails.aspx?id=3188Electricity Price ClassificationExtreme Learning Machines (ELM)Power System MarketPrice Forecasting |
| spellingShingle | S Anbazhagan V Sivakumar AN ELM FOR BI-CLASSIFICATION OF VERTICALLY BUNDLED ELECTRICITY MARKET PRICES ICTACT Journal on Soft Computing Electricity Price Classification Extreme Learning Machines (ELM) Power System Market Price Forecasting |
| title | AN ELM FOR BI-CLASSIFICATION OF VERTICALLY BUNDLED ELECTRICITY MARKET PRICES |
| title_full | AN ELM FOR BI-CLASSIFICATION OF VERTICALLY BUNDLED ELECTRICITY MARKET PRICES |
| title_fullStr | AN ELM FOR BI-CLASSIFICATION OF VERTICALLY BUNDLED ELECTRICITY MARKET PRICES |
| title_full_unstemmed | AN ELM FOR BI-CLASSIFICATION OF VERTICALLY BUNDLED ELECTRICITY MARKET PRICES |
| title_short | AN ELM FOR BI-CLASSIFICATION OF VERTICALLY BUNDLED ELECTRICITY MARKET PRICES |
| title_sort | elm for bi classification of vertically bundled electricity market prices |
| topic | Electricity Price Classification Extreme Learning Machines (ELM) Power System Market Price Forecasting |
| url | http://ictactjournals.in/ArticleDetails.aspx?id=3188 |
| work_keys_str_mv | AT sanbazhagan anelmforbiclassificationofverticallybundledelectricitymarketprices AT vsivakumar anelmforbiclassificationofverticallybundledelectricitymarketprices AT sanbazhagan elmforbiclassificationofverticallybundledelectricitymarketprices AT vsivakumar elmforbiclassificationofverticallybundledelectricitymarketprices |