Back close

Data-Driven Approach to Predict Spot Market Price in Indian Electricity

Publication Type : Conference Paper

Publisher : IEEE

Source : IEEE International Conference on Electrical, Electronics, Communication and Computers, IIT Roorkee, Uttarakhand, India, August 26-27, 2023

Url : https://www.sciencedirect.com/science/article/pii/S2352484719309771

Campus : Coimbatore

School : School of Engineering

Department : Electrical and Electronics

Year : 2024

Abstract : The electricity price is the sensitive signal of the supply–demand balance and some other market incidents. The analysis of the price data can provide plenty of the market information. It is helpful for the participants to understand the market and improve future strategies. However, most of the forecast models eliminate the details to reduce the structural risk for generality. In this paper, the data-driven analysis is proposed to explore the PJM electricity price in detail. The price time series is decomposed into different components. Each component is modeled and tested by the statistical method to illustrate the hidden pattern of the fluctuation, so that there can be reasonable interpretation about the market. The relationship between the price and the wind power is numerically detected through the heterogeneity of the price time series. The paper demonstrates the data-driven method to mine information and achieve the analysis of electricity market.

Cite this Research Publication : Subee Krishna M.P., and Lekshmi R. R., “Data-Driven Approach to Predict Spot Market Price in Indian Electricity”, IEEE International Conference on Electrical, Electronics, Communication and Computers, IIT Roorkee, Uttarakhand, India, August 26-27, 2023

Admissions Apply Now