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Title: :  MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES
PaperId: :  21821
Published in:   International Journal Of Advance Research And Innovative Ideas In Education
Publisher:   IJARIIE
e-ISSN:   2395-4396
Volume/Issue:    Volume 9 Issue 5 2023
DUI:    16.0415/IJARIIE-21821
Licence: :   IJARIIE is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author NameAuthor Institute
MOUNIKA M KBANNARI AMMAN INSTITUTE OF TECHNOLOGY
NIVETHASRI RBANNARI AMMAN INSTITUTE OF TECHNOLOGY
VINITA VBANNARI AMMAN INSTITUTE OF TECHNOLOGY
Dr. CHINNADURRAI C LBANNARI AMMAN INSTITUTE OF TECHNOLOGY

Abstract

DEEP LEARNING (AI)
Deep Learning, Forecasting, Recurrent neural networks, Long short-term memory, Electricity market
Forecasting electricity prices is a crucial component of the energy sector, having ramifications for consumers, regulators, and market players. This study offers a multi-step method for projecting power prices that include both short- and long-term projections. To improve prediction accuracy, the suggested methodology combines time series analysis and fundamental market data. The program predicts power costs for the upcoming few hours using previous pricing data, meteorological data, and demand trends. Recurrent neural networks and long short-term memory are two examples of deep learning methods that are used to capture complex temporal dependencies and nonlinear correlations in the data. The model includes projections for renewable energy generation, macroeconomic variables, and policy changes that might have a long-term influence on power markets. The model gives insights into pricing patterns and potential disruptions by taking these various aspects into account. These short- and long-term forecasts are combined with the multi-step forecasting framework to provide a thorough understanding of power price dynamics. This strategy improves market players' ability to make decisions, allowing them to plan investments in renewable energy sources, optimize trading tactics, and adjust to shifting market conditions helping to more effective operations of the energy market and a transition towards sustainable and resilient electricity systems.

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IJARIIE MOUNIKA M K, NIVETHASRI R, VINITA V, and Dr. CHINNADURRAI C L. "MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES" International Journal Of Advance Research And Innovative Ideas In Education Volume 9 Issue 5 2023 Page 2071-2080
MLA MOUNIKA M K, NIVETHASRI R, VINITA V, and Dr. CHINNADURRAI C L. "MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES." International Journal Of Advance Research And Innovative Ideas In Education 9.5(2023) : 2071-2080.
APA MOUNIKA M K, NIVETHASRI R, VINITA V, & Dr. CHINNADURRAI C L. (2023). MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES. International Journal Of Advance Research And Innovative Ideas In Education, 9(5), 2071-2080.
Chicago MOUNIKA M K, NIVETHASRI R, VINITA V, and Dr. CHINNADURRAI C L. "MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES." International Journal Of Advance Research And Innovative Ideas In Education 9, no. 5 (2023) : 2071-2080.
Oxford MOUNIKA M K, NIVETHASRI R, VINITA V, and Dr. CHINNADURRAI C L. 'MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES', International Journal Of Advance Research And Innovative Ideas In Education, vol. 9, no. 5, 2023, p. 2071-2080. Available from IJARIIE, http://ijariie.com/AdminUploadPdf/MULTISTEP_ELECTRICITY_PRICE_FORECASTING_USING_DEEP_LEARNING_TECHNIQUES_ijariie21821.pdf (Accessed : ).
Harvard MOUNIKA M K, NIVETHASRI R, VINITA V, and Dr. CHINNADURRAI C L. (2023) 'MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES', International Journal Of Advance Research And Innovative Ideas In Education, 9(5), pp. 2071-2080IJARIIE [Online]. Available at: http://ijariie.com/AdminUploadPdf/MULTISTEP_ELECTRICITY_PRICE_FORECASTING_USING_DEEP_LEARNING_TECHNIQUES_ijariie21821.pdf (Accessed : )
IEEE MOUNIKA M K, NIVETHASRI R, VINITA V, and Dr. CHINNADURRAI C L, "MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES," International Journal Of Advance Research And Innovative Ideas In Education, vol. 9, no. 5, pp. 2071-2080, Sep-Oct 2023. [Online]. Available: http://ijariie.com/AdminUploadPdf/MULTISTEP_ELECTRICITY_PRICE_FORECASTING_USING_DEEP_LEARNING_TECHNIQUES_ijariie21821.pdf [Accessed : ].
Turabian MOUNIKA M K, NIVETHASRI R, VINITA V, and Dr. CHINNADURRAI C L. "MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES." International Journal Of Advance Research And Innovative Ideas In Education [Online]. volume 9 number 5 ().
Vancouver MOUNIKA M K, NIVETHASRI R, VINITA V, and Dr. CHINNADURRAI C L. MULTISTEP ELECTRICITY PRICE FORECASTING USING DEEP LEARNING TECHNIQUES. International Journal Of Advance Research And Innovative Ideas In Education [Internet]. 2023 [Cited : ]; 9(5) : 2071-2080. Available from: http://ijariie.com/AdminUploadPdf/MULTISTEP_ELECTRICITY_PRICE_FORECASTING_USING_DEEP_LEARNING_TECHNIQUES_ijariie21821.pdf
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