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

Paras Mandal, Anurag K. Srivastava, Jung Wook Park

Research output: Contribution to journalArticle

35 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 languageEnglish
Pages (from-to)1888-1896
Number of pages9
JournalIEEE Transactions on Industry Applications
Volume45
Issue number5
DOIs
Publication statusPublished - 2009 Oct 19

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Sensitivity analysis
Electricity
Neural networks
Mean square error

All Science Journal Classification (ASJC) codes

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

Cite this

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An effort to optimize similar days parameters for ANN-based electricity price forecasting. / Mandal, Paras; Srivastava, Anurag K.; Park, Jung Wook.

In: IEEE Transactions on Industry Applications, Vol. 45, No. 5, 19.10.2009, p. 1888-1896.

Research output: Contribution to journalArticle

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