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This paper reviews main forecasting techniques used for power system applications. Available forecasting techniques have been discussed with focus on electricity load and price forecasting as well as wind power prediction. Forecasting problems have been classified based on time frame, application specific area and forecasting techniques. Appropriate examples based on data pertaining to the Victorian...
Short-term electricity price forecasting has become a crucial issue in the power markets, since it forms the basis of maximising profits for the market participants. This paper presents an extensive review of the established approaches to electricity price forecasting. It summarizes the influencing factors of price behaviour and proposes an extended taxonomy of price forecasting methods. Through the...
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