DAY-AHEAD PRICE FORECASTING IN ASIA'S FIRST LIBERALIZED ELECTRICITY MARKET USING ARTIFICIAL NEURAL NETWORKS
This paper proposes a comparative model for the day-ahead electricity price forecasting that could be realized using multi-layer neural network (MLNN) with levenberg-marquardt (LM) algorithm, generalized regression neural network (GRNN) and cascade-forward neural network (CFNN). In this work applications of various models were applied to national electricity market of Singapore (NEMS), i.e. Asia's first liberalized electricity market. The individual price of year 2006 is very volatile with a very wide range. Therefore, accurate forecasting models are required for Singapore electricity market company (EMC) to maximize their profits and for consumers to maximize their utilities. Hence the year 2006 has been taken for forecasting the uniform Singapore electricity price (USEP). The mean absolute percentage error (MAPE) results show that the proposed CFNN model possess better forecasting abilities than the other models and its performance was least affected by the volatility.
price forecasting levenberg-marquardt (lm) algorithm generalized regression neural network (grnn) cascade-forward neural network (cfnn) national electricity market of singapore (nems) uniform singapore energy price (usep)