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A Scenario-Based Model Comparison for Short-Term Day-Ahead Electricity Prices in Times of Economic and Political Tension (Beitrag zu Zeitung oder Zeitschrift) - Einzelansicht

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Titel der Arbeit (title) A Scenario-Based Model Comparison for Short-Term Day-Ahead Electricity Prices in Times of Economic and Political Tension
Titel der Zeitschrift bzw. Zeitung Algorithms
Erscheinungsjahr 2023
Seitenzahl (pages) 1-20
Band (volume) 16
Band-Heft-Nr 4
Publikationsart Beitrag zu Zeitung oder Zeitschrift
Digital Object Identifier (DOI) 10.3390/a16040177

In recent years, energy prices have become increasingly volatile, making it more challenging to predict them accurately.This uncertain market trend behavior makes it harder for market participants, e.g., power plant dispatchers, to make reliable decisions. Machine learning (ML) has recently emerged as a powerful artificial intelligence (AI) technique to get reliable predictions in particularly volatile and unforeseeable situations. This development makes ML models an attractive complement to other approaches that require more extensive human modeling effort and assumptions about market mechanisms. This study investigates the application of machine and deep learning approaches to predict day-ahead electricity prices for a 7-day horizon on the German spot market to give power plants enough time to ramp up or down. A qualitative and quantitative analysis is conducted, assessing model performance concerning the forecast horizon and their robustness depending on the selected hyperparameters. For evaluation purposes, three test scenarios with different characteristics are manually chosen.Various models are trained, optimized, and compared with each other using common performance metrics. This study shows that deep learning models outperform tree-based and statistical models despite or because of the volatile energy prices.

Beteiligte Personen

Baskan, Denis E.
Meyer, Daniel
Mieck, Sebastian
Faubel, Leonhard  M.Eng.  
Klöpper, Benjamin
Strem, Nika
Wagner, Johannes A.
Koltermann, Jan J.


Abt. Software Systems Engineering


Projekt Explain

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