Forecasting Models of Electricity Prices / / edited by Javier Contreras.

• TeilnehmendeR: Contreras, Javier,
• Place / Publishing House: Basel : : MDPI AG - Multidisciplinary Digital Publishing Institute,, 2017.
• Year of Publication: 2017
• Language: English
• Physical Description: 1 online resource (vii, 221 pages)
• Hierarchical level: Monograph
• Statement of Responsibility: edited by Javier Contreras.

The new competitive electricity markets make it imperative for companies related to electricity production and retail to have tools in place for energy offers. Price forecasting is critical when making offers in electricity markets, since it is considerably more complex than demand forecasting and the level of uncertainty is higher. Knowing electricity prices beforehand makes it possible for generators to determine their optimal production strategy in order to maximize their profit. Similarly, consumers and retailers can plan their consumption and produce energy bids to maximize their utility. Therefore, price forecasting is instrumental both for producers, retailers and consumers.