Imbalanced data set classification is a relatively new research line within the broader context of machine learning studies, which tries to learn from the skewed data distribution. A data set is imbalanced when the samples of one class consist of more instances than the rest of the classes in two-class and multi-class data sets [1]. Most of the standard machine learning algorithms show poor performance in this kind of datasets, because they tend to favor the majority class samples, resulting in poor predictive accuracy over the minority class [2]. Therefore, it becomes tough to learn the rare but
The transformation of the electricity market structure from a monopoly model to a competitive market has caused electricity to be exchanged like a commercial commodity in the electricity market. The electricity price participants should forecast the price in different horizons to make an optimal offer as a buyer or a seller. Therefore, accurate electricity price prediction is very important for market participants. This paper investigates the monthly/seasonal data clustering impact on price forecasting. To this end, after clustering the data, the effective parameters in the electricity price forecasting problem are selected using a grey correlation analysis method and the parameters with a low degree of correlation are removed. At the end, the long short-term memory neural network has been implemented to predict the electricity price for the next day. The proposed method is implemented on Ontario—Canada data and the prediction results are compared in three modes, including non-clustering, seasonal, and monthly clustering. The studies show that the prediction error in the monthly clustering mode has decreased compared to the non-clustering and seasonal clustering modes in two different values of the correlation coefficient, 0.5 and 0.6.
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