Graphical Modeling for Analysis of Hourly Electricity Demand and Market Price

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Recent changes in power system, e.g. large-scale penetration of renewable energy source, have led to change the behavior of the electricity demand and market price drastically; this behavior is also influenced by various factors such as weather and economic conditions. The factors that affect such demand and price are complex and the analysis of these factors enables stakeholders to construct an electricity business strategy. Therefore, a framework is needed to analyze and interpret the relationships among these demand, price, and factors. Construction of a graphical model is an attractive approach to describe the statistical relationships among these factors; the directed graphical model flexibly visualizes the direct/indirect factors affecting the demand and price. In this study, the authors applied a graphical modeling scheme using the sparse partially linear additive models for factor analysis of electricity demand and price. The scheme is applied to a real-world dataset and discussed from the viewpoint of interpretability.

Original languageEnglish
Title of host publication2020 17th International Conference on the European Energy Market, EEM 2020
PublisherIEEE Computer Society
ISBN (Electronic)9781728169194
DOIs
Publication statusPublished - 2020 Sep
Event17th International Conference on the European Energy Market, EEM 2020 - Stockholm, Sweden
Duration: 2020 Sep 162020 Sep 18

Publication series

NameInternational Conference on the European Energy Market, EEM
Volume2020-September
ISSN (Print)2165-4077
ISSN (Electronic)2165-4093

Conference

Conference17th International Conference on the European Energy Market, EEM 2020
Country/TerritorySweden
CityStockholm
Period20/9/1620/9/18

Keywords

  • Graphical modeling
  • hourly electric power demand
  • machine learning
  • partially linear additive model
  • sparse modeling
  • spot price

ASJC Scopus subject areas

  • Marketing
  • Energy Engineering and Power Technology
  • Fuel Technology

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