Short Term Electricity Price Forecasting of Combined Chaotic Method

In electricity market,the price changing presented as a nonlinear、dynamic opening process,it is difficult to improve the accuracy of price forecasting by applying traditional methods.Hence a combined chaotic method for short-term electricity price forecasting based on wavelet transform、econometrics time series models and radial basis function is presented in this paper.First,electricity price series is decomposed and reconstructed into approximate series and detailed series.Then,different models are built to forecast the future values for different sub-series.The final forecasted prices are the sum of the predicted approximate prices and detailed prices.This proposed method is applied to forecast the short-term electricity prices in Spanish electricity market,and the results show that it can provide more accurate forecasted prices.