Mid-Term Demand Forecasting Using SARIMA Model in Distributed Electricity Market for MCP

Electricity price forecasting at market clearance price (MCP) is a general requirement of any deregulated electricity market. The day ahead prediction of electricity price not only help the market regulation and customer, but also helps the power plant operators to plan for the maintained scheduling, reallocation, budgeting, and planning process. Manyb researchers have presented thesis work in the field of short-term load forecasting standing from a time interval of losses to 15 min. however a few papers are available in the middle team price forecasting. The middle term price forecasting not only helps in decreasing the pen unit market clearance price but also helps in reducing the transmission and generation cost. In this research article an attempt has been made to forecast the electricity market price for pen unit generation so as to facilitate the market clearance price at a very nominal rate. This paper consists of two things such has classification of electricity price according to their level based on the type of generation and then forecasting or predicting the pen unit cost in market clearance price. The algorithm and its associated data sets were processed using MATLAB model. The model has been tested with other benchmarking model for effective analysis.