An effort to optimize similar days parameters for ANN-based electricity price forecasting

Paras Mandal; Anurag K. Srivastava; Jung Wook Park

doi:10.1109/TIA.2009.2027542

An effort to optimize similar days parameters for ANN-based electricity price forecasting

Paras Mandal, Anurag K. Srivastava, Jung Wook Park

Department of Electrical and Electronic Engineering

Research output: Contribution to journal › Article › peer-review

43 Citations (Scopus)

Abstract

This paper presents a sensitivity analysis of similar days (SD) parameters to increase the accuracy of artificial neural network (ANN) and SD-based short-term price forecasting. Work presented in this paper is an extended version of previous works done by the authors to integrate ANN and SD method for predicting electricity price. The focus here is on sensitivity analysis of SD parameters while keeping the parameters same for ANN to forecast hourly electricity prices in the Pennsylvania-New Jersey-Maryland (PJM) (regional transmission organization in northeast America) electricity market. Several cases are simulated by choosing (a) two, (b) three, (c) four, and (d) five SD parameters to calculate the norm. In addition, sensitivity analysis has been carried out by changing the time framework of SD (d = 15, 30, 45, 60) and the number of selected similar price days (N = 5, 10). From sensitivity analysis, it is identified that the optimized mean absolute percentage error (MAPE) is obtained using case-c with d = 30 and N = 10. MAPE of reasonably small value, along with forecast mean square error and mean absolute error of around 2$/MWh and 1$/MWh, is obtained for the PJM data, which has correlation coefficient of determination (R²) of 0.7758 between load and electricity price. Numerical results show that forecasts generated by the developed ANN model based on the optimized case are accurate and efficient.

Original language	English
Pages (from-to)	1888-1896
Number of pages	9
Journal	IEEE Transactions on Industry Applications
Volume	45
Issue number	5
DOIs	https://doi.org/10.1109/TIA.2009.2027542
Publication status	Published - 2009

Bibliographical note

Funding Information:
Paper ICPSD-09-34, presented at the 2008 Industry Applications Society Annual Meeting, Edmonton, AB, Canada, October 5–9, and approved for publication in the IEEE TRANSACTIONS ON INDUSTRY APPLICATIONS by the Energy Systems Committee of the IEEE Industry Applications Society. Manuscript submitted for review November 30, 2008 and released for publication April 15, 2009. Current version published September 18, 2009. This work was supported by a Korea Research Foundation Grant funded by the Korean Government (MOEHRD, Basic Research Promotion Fund) under Grant KRF-2007-311-D 00272.

All Science Journal Classification (ASJC) codes

Control and Systems Engineering
Industrial and Manufacturing Engineering
Electrical and Electronic Engineering

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10.1109/TIA.2009.2027542

Cite this

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title = "An effort to optimize similar days parameters for ANN-based electricity price forecasting",

abstract = "This paper presents a sensitivity analysis of similar days (SD) parameters to increase the accuracy of artificial neural network (ANN) and SD-based short-term price forecasting. Work presented in this paper is an extended version of previous works done by the authors to integrate ANN and SD method for predicting electricity price. The focus here is on sensitivity analysis of SD parameters while keeping the parameters same for ANN to forecast hourly electricity prices in the Pennsylvania-New Jersey-Maryland (PJM) (regional transmission organization in northeast America) electricity market. Several cases are simulated by choosing (a) two, (b) three, (c) four, and (d) five SD parameters to calculate the norm. In addition, sensitivity analysis has been carried out by changing the time framework of SD (d = 15, 30, 45, 60) and the number of selected similar price days (N = 5, 10). From sensitivity analysis, it is identified that the optimized mean absolute percentage error (MAPE) is obtained using case-c with d = 30 and N = 10. MAPE of reasonably small value, along with forecast mean square error and mean absolute error of around 2$/MWh and 1$/MWh, is obtained for the PJM data, which has correlation coefficient of determination (R2) of 0.7758 between load and electricity price. Numerical results show that forecasts generated by the developed ANN model based on the optimized case are accurate and efficient.",

author = "Paras Mandal and Srivastava, {Anurag K.} and Park, {Jung Wook}",

note = "Funding Information: Paper ICPSD-09-34, presented at the 2008 Industry Applications Society Annual Meeting, Edmonton, AB, Canada, October 5–9, and approved for publication in the IEEE TRANSACTIONS ON INDUSTRY APPLICATIONS by the Energy Systems Committee of the IEEE Industry Applications Society. Manuscript submitted for review November 30, 2008 and released for publication April 15, 2009. Current version published September 18, 2009. This work was supported by a Korea Research Foundation Grant funded by the Korean Government (MOEHRD, Basic Research Promotion Fund) under Grant KRF-2007-311-D 00272.",

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An effort to optimize similar days parameters for ANN-based electricity price forecasting

Abstract

Bibliographical note

All Science Journal Classification (ASJC) codes

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