WO2012101656A3 - A system and method for electricity price forecasting - Google Patents

A system and method for electricity price forecasting Download PDF

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Publication number
WO2012101656A3
WO2012101656A3 PCT/IN2012/000058 IN2012000058W WO2012101656A3 WO 2012101656 A3 WO2012101656 A3 WO 2012101656A3 IN 2012000058 W IN2012000058 W IN 2012000058W WO 2012101656 A3 WO2012101656 A3 WO 2012101656A3
Authority
WO
WIPO (PCT)
Prior art keywords
error
price forecasting
values
electricity price
forecasting
Prior art date
Application number
PCT/IN2012/000058
Other languages
French (fr)
Other versions
WO2012101656A2 (en
Inventor
Shrikrishna Anantrao KHAPARDE
Venkata Sita Krishna Murthy BALIJEPALLI
Original Assignee
Indian Institute Of Technology, Bombay
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Indian Institute Of Technology, Bombay filed Critical Indian Institute Of Technology, Bombay
Publication of WO2012101656A2 publication Critical patent/WO2012101656A2/en
Publication of WO2012101656A3 publication Critical patent/WO2012101656A3/en

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q10/00—Administration; Management
    • G06Q10/04—Forecasting or optimisation specially adapted for administrative or management purposes, e.g. linear programming or "cutting stock problem"
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q50/00—Systems or methods specially adapted for specific business sectors, e.g. utilities or tourism
    • G06Q50/06—Electricity, gas or water supply

Abstract

A system and method for electricity price forecasting is disclosed. This invention relates to electricity price forecasting, and particularly to price forecasting by employing error correction techniques. Existing mechanisms do not offer effective error correction mechanisms and hence there are no means to ensure accurate electricity pricing. The method employs a forecasting module that refers to the patterns of energy consumption from the history and accordingly predicts the most likely energy consumption. In addition, the method also employs neural network based mechanisms in order to determine the states of the values. The method compares if there are errors in the prediction. In case there is error, it determines if the error is within the permissible values. Further, if the error is outside the permissible values then a correction factor is applied to the computed values and prediction is updated. FIG. 2
PCT/IN2012/000058 2011-01-27 2012-01-27 A system and method for electricity price forecasting WO2012101656A2 (en)

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
IN236MU2011 2011-01-27
IN236/MUM/2011 2011-01-27

Publications (2)

Publication Number Publication Date
WO2012101656A2 WO2012101656A2 (en) 2012-08-02
WO2012101656A3 true WO2012101656A3 (en) 2012-10-04

Family

ID=46581224

Family Applications (1)

Application Number Title Priority Date Filing Date
PCT/IN2012/000058 WO2012101656A2 (en) 2011-01-27 2012-01-27 A system and method for electricity price forecasting

Country Status (1)

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WO (1) WO2012101656A2 (en)

Families Citing this family (7)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2013071414A1 (en) * 2011-11-14 2013-05-23 Energent Incorporated System, method and computer program for forecasting energy price
CN103617566B (en) * 2013-12-05 2017-03-01 中国能源建设集团广东省电力设计研究院 A kind of intelligent electric power utilization system based on Spot Price
IT201700106840A1 (en) * 2017-09-25 2019-03-25 Alberto Sammarchi COMPUTER PLATFORM TO OPTIMIZE THE SUPPLY OF ELECTRICITY AND / OR GAS TO A USER
CN107993033A (en) * 2017-11-14 2018-05-04 广东电网有限责任公司物流服务中心 A kind of Power Material Forecasting Methodology
CN111753097B (en) * 2020-06-22 2023-11-14 国能日新科技股份有限公司 Deep learning-based data analysis method and device for electric power spot transaction clearance
FR3112637B1 (en) * 2020-07-15 2024-01-05 Total Sa Method for controlling an electrical microgrid
CN116485440A (en) * 2023-06-20 2023-07-25 国家电投集团电站运营技术（北京）有限公司 Market electricity price forecasting method, device and equipment based on model stacking

Citations (7)

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US5974403A (en) * 1997-07-21 1999-10-26 International Business Machines Corporation Power trading and forecasting tool
US20030182250A1 (en) * 2002-03-19 2003-09-25 Mohammad Shihidehpour Technique for forecasting market pricing of electricity
US20040215529A1 (en) * 2004-04-16 2004-10-28 Foster Andre E. System and method for energy price forecasting automation
US20080249667A1 (en) * 2007-04-09 2008-10-09 Microsoft Corporation Learning and reasoning to enhance energy efficiency in transportation systems
US7509261B1 (en) * 1999-12-06 2009-03-24 Federal Home Loan Mortgage Corporation Method for forecasting house prices using a dynamic error correction model
US20100100250A1 (en) * 2003-08-08 2010-04-22 Electric Power Group, Llc Real-time performance monitoring and management system
US20100305860A1 (en) * 2009-05-28 2010-12-02 The Government Of The United States Of America As Represented By The Secretary Of The Navy Filtered Model Output Statistics (FMOS)

Patent Citations (7)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5974403A (en) * 1997-07-21 1999-10-26 International Business Machines Corporation Power trading and forecasting tool
US7509261B1 (en) * 1999-12-06 2009-03-24 Federal Home Loan Mortgage Corporation Method for forecasting house prices using a dynamic error correction model
US20030182250A1 (en) * 2002-03-19 2003-09-25 Mohammad Shihidehpour Technique for forecasting market pricing of electricity
US20100100250A1 (en) * 2003-08-08 2010-04-22 Electric Power Group, Llc Real-time performance monitoring and management system
US20040215529A1 (en) * 2004-04-16 2004-10-28 Foster Andre E. System and method for energy price forecasting automation
US20080249667A1 (en) * 2007-04-09 2008-10-09 Microsoft Corporation Learning and reasoning to enhance energy efficiency in transportation systems
US20100305860A1 (en) * 2009-05-28 2010-12-02 The Government Of The United States Of America As Represented By The Secretary Of The Navy Filtered Model Output Statistics (FMOS)

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