Data Analytics for Price Forecasting in Smart Grids: A Survey

Electricity Price Forecasting (EPF) plays a significant role in competitive electricity markets. Market participants rely on price forecast for generation, assets scheduling and effective bidding plan formulation. The uncertainty and volatility of energy market makes price forecasting a very challenging task. This paper gives a survey on methods and techniques used in literature for price forecasting in last four years. This work provides general background of price forecasting and brief discussion of the models and approaches implemented in the area of price forecasting. A comparison of price forecasting techniques with respect to different categories is presented that draws out the important aspects of the implemented methodologies.