Muhammad Hamza Azam¹, Mohd Hilmi Hasan^1,*, Azlinda A Malik², Saima Hassan³, Said Jadid Abdulkadir¹

CMC-Computers, Materials & Continua, Vol.73, No.1, pp. 1799-1815, 2022, DOI:10.32604/cmc.2022.028292

Abstract Electricity price forecasting is a subset of energy and power forecasting that focuses on projecting commercial electricity market present and future prices. Electricity price forecasting have been a critical input to energy corporations’ strategic decision-making systems over the last 15 years. Many strategies have been utilized for price forecasting in the past, however Artificial Intelligence Techniques (Fuzzy Logic and ANN) have proven to be more efficient than traditional techniques (Regression and Time Series). Fuzzy logic is an approach that uses membership functions (MF) and fuzzy inference model to forecast future electricity prices. Fuzzy c-means (FCM) is one of the popular… More >

Rashed Iqbal¹, Hazlie Mokhlis¹, Anis Salwa Mohd Khairuddin^1,*, Syafiqah Ismail¹, Munir Azam Muhammad²

Computer Systems Science and Engineering, Vol.43, No.2, pp. 817-832, 2022, DOI:10.32604/csse.2022.023617

Abstract Electricity price forecasting (EPF) is important for energy system operations and management which include strategic bidding, generation scheduling, optimum storage reserves scheduling and systems analysis. Moreover, accurate EPF is crucial for the purpose of bidding strategies and minimizing the risk for market participants in the competitive electricity market. Nevertheless, accurate time-series prediction of electricity price is very challenging due to complex nonlinearity in the trend of electricity price. This work proposes a mid-term forecasting model based on the demand and price data, renewable and non-renewable energy supplies, the seasonality and peak and off-peak hours of working and non-working days. An… More >