The Investigation of Monthly/Seasonal Data Clustering Impact on Short-Term Electricity Price Forecasting Accuracy: Ontario Province Case Study
Copyright policy )The Investigation of Monthly/Seasonal Data Clustering Impact on Short-Term Electricity Price Forecasting Accuracy: Ontario Province Case Study
The transformation of the electricity market structure from a monopoly model to a competitive market has caused electricity to be exchanged like a commercial commodity in the electricity market. The electricity price participants should forecast the price in different horizons to make an optimal offer as a buyer or a seller. Therefore, accurate electricity price prediction is very important for market participants. This paper investigates the monthly/seasonal data clustering impact on price forecasting. To this end, after clustering the data, the effective parameters in the electricity price forecasting problem are selected using a grey correlation analysis method and the parameters with a low degree of correlation are removed. At the end, the long short-term memory neural network has been implemented to predict the electricity price for the next day. The proposed method is implemented on Ontario—Canada data and the prediction results are compared in three modes, including non-clustering, seasonal, and monthly clustering. The studies show that the prediction error in the monthly clustering mode has decreased compared to the non-clustering and seasonal clustering modes in two different values of the correlation coefficient, 0.5 and 0.6.
- University of Waterloo Canada
- University of Bonab Iran (Islamic Republic of)
- University of Tabriz Iran (Islamic Republic of)
- University of Waterloo (Canada) Canada
- University of Waterloo (Canada) Canada
Environmental effects of industries and plants, price forecasting, deep learning, TJ807-830, TD194-195, Renewable energy sources, Environmental sciences, GE1-350, clustering; LSTM; deep learning; price forecasting, LSTM, clustering
Environmental effects of industries and plants, price forecasting, deep learning, TJ807-830, TD194-195, Renewable energy sources, Environmental sciences, GE1-350, clustering; LSTM; deep learning; price forecasting, LSTM, clustering
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