Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy

Hakan Acaroğlu and Fausto Pedro García Márquez
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Hakan Acaroğlu: Department of Economics, Faculty of Economics and Administrative Sciences, Eskisehir Osmangazi University, Eskisehir 26480, Turkey
Fausto Pedro García Márquez: Ingenium Research Group, University of Castilla-La Mancha, 13004 Ciudad Real, Spain

Energies, 2021, vol. 14, issue 22, 1-23

Abstract: Forecasting the electricity price and load has been a critical area of concern for researchers over the last two decades. There has been a significant economic impact on producers and consumers. Various techniques and methods of forecasting have been developed. The motivation of this paper is to present a comprehensive review on electricity market price and load forecasting, while observing the scientific approaches and techniques based on wind energy. As a methodology, this review follows the historical and structural development of electricity markets, price, and load forecasting methods, and recent trends in wind energy generation, transmission, and consumption. As wind power prediction depends on wind speed, precipitation, temperature, etc., this may have some inauspicious effects on the market operations. The improvements of the forecasting methods in this market are necessary and attract market participants as well as decision makers. To this end, this research shows the main variables of developing electricity markets through wind energy. Findings are discussed and compared with each other via quantitative and qualitative analysis. The results reveal that the complexity of forecasting electricity markets’ price and load depends on the increasing number of employed variables as input for better accuracy, and the trend in methodologies varies between the economic and engineering approach. Findings are specifically gathered and summarized based on researches in the conclusions.

Keywords: electricity price; electricity load; electricity price forecasting; wind energy; day-ahead market; intra-day market; balancing power market (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2021
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