Abstract:Predicting the price of electricity is crucial for the operation of power systems. Short-term electricity price forecasting deals with forecasts from an hour to a day ahead. Hourly-ahead forecasts offer expected prices to market participants before operation hours. This is especially useful for effective bidding strategies where the bidding amount can be reviewed or changed before the operation hours. Nevertheless, many existing models have relatively low prediction accuracy. Furthermore, single prediction mod… Show more
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