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• W2070291412 abstract "With the introduction of restructuring into the electric power industry, the price of electricity has become the focus of all activities in the power market. Electricity price forecast is key information for electricity market managers and participants. However, electricity price is a complex signal due to its non-linear, non-stationary, and time variant behavior. In spite of performed research in this area, more accurate and robust price forecast methods are still required. In this paper, a new forecast strategy is proposed for day-ahead price forecasting of electricity markets. Our forecast strategy is composed of a new two stage feature selection technique and cascaded neural networks. The proposed feature selection technique comprises modified Relief algorithm for the first stage and correlation analysis for the second stage. The modified Relief algorithm selects candidate inputs with maximum relevancy with the target variable. Then among the selected candidates, the correlation analysis eliminates redundant inputs. Selected features by the two stage feature selection technique are used for the forecast engine, which is composed of 24 consecutive forecasters. Each of these 24 forecasters is a neural network allocated to predict the price of 1 h of the next day. The whole proposed forecast strategy is examined on the Spanish and Australia’s National Electricity Markets Management Company (NEMMCO) and compared with some of the most recent price forecast methods." @default.
• W2070291412 created "2016-06-24" @default.
• W2070291412 creator A5048612159 @default.
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• W2070291412 date "2009-12-01" @default.
• W2070291412 modified "2023-09-25" @default.
• W2070291412 title "Day-ahead price forecasting of electricity markets by a new feature selection algorithm and cascaded neural network technique" @default.
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• W2070291412 doi "https://doi.org/10.1016/j.enconman.2009.07.016" @default.
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