Forecasting models for vertically bundled electricity market prices — A review and future trend

An electricity price forecasting is offers either for developing bidding strategies or for making investment decisions economically for use in power producers and consumers in the current deregulated electricity markets. During the past decade several new techniques are being used for electricity price forecasting to predict the future prices. In this paper conscientious activity is made to review the various electricity price forecasting models. Traditionally, hard and soft computing models could be used to predict electricity prices using single and hybrid models. The hard computing models such as time series AR, ARIMA, and GARCH and soft computing models such as ANN, FL, GA, SVM, and ELM used in electricity price forecasting models in various deregulated power system markets. In addition, it also suggests the alternate solution and future trend for numerical prediction or point-forecasting.