Engineering
7 years ago

Electricity price forecast uncertainty in UK market reveals high-risk periods.

Risk assessment due to electricity price forecast uncertainty in UK electricity market
Gao Gao, Kwoklun Lo, Jianfeng Lu

Paper Summary

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The article examines the uncertainty in predicting electricity prices in the UK market. Researchers used ARIMA and ANN models to forecast prices and identified high-risk periods. They found that electricity price risks vary between weekdays and weekends, with different dynamics. The study calculated a risk index based on forecast errors to assess the uncertainty in price predictions.