2002•Unpublished venueRequires access

Electricity spot price forecasting as a part of energy management in de-regulated power market

Göran Koreneff, A. Seppala, Matti Lehtonen, Veikko Kekkonen, Erkki Kalervo Laitinen, J. Hakli, Eero Antila

Abstract

A method for spot price forecasting in electricity exchange is presented. In the beginning of the paper, the practices of the electricity exchange of Finland are described, and a brief presentation is given on the different contracts, or electricity products, available in the spot market. For comparison, the Nordic electricity exchange is also discussed. The structure of the forecasting model, based on time series analysis, is presented, and its validity is tested using real case data obtained from the Finnish power market. The spot price forecasting model is a part of a larger computer system for distribution energy management (DEM) in a de-regulated power market.

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Key concepts: Spot contract, Spot market, Electricity market, Electricity, Electricity price forecasting, Energy exchange, Electricity generation, Energy market