Electricity Nodal Price Prediction in a Day-Ahead Electricity Market

Abstract

In developing countries, recent trend is to adopt High Voltage Direct Current (HVDC) transmission in the existing AC transmission system to gain its techno-economical benefits. In restructured electricity market, accurate prediction of day-ahead electricity nodal prices have become an important activity to address the system operations and price volatility in the marketplace and also to facilitate the market participants to estimate the risk and have better market oriented decision making. In the paper, Electricity nodal price prediction in a day-ahead electricity market using Artificial Neural Networks (ANNs) is presented. The numerical results are presented and compared for a real transmission system of India to demonstrate the rationality and feasibility of the proposed methodology.