Abstract
High price fluctuations have a direct impact on electricity market. Thus, accurate and plausible price forecasts have been implemented to mitigate the consequences of price dynamics. This paper proposes two techniques to deal with the Electricity Price Forecasting (EPF) problem. Firstly, Convolutional Neural Network (CNN) model is used to predict the EPF. Secondly, a principle component analysis model is used for the feature extraction. We have conducted simulations to prove the effectiveness of the proposed approach, which show that CNN based approach outperforms the multilayer perceptron model.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Keles, D., Scelle, J., Paraschiv, F., Fichtner, W.: Extended forecast methods for day-ahead electricity spot prices applying artificial neural networks. Appl. Energy 162, 218–230 (2016)
Wang, J., Liu, F., Song, Y., Zhao, J.: A novel model: dynamic choice artificial neural network (DCANN) for an electricity price forecasting system. Appl. Soft Comput. 48, 281–297 (2016)
Zhang, J.L., Zhang, Y.J., Li, D.Z., Tan, Z.F., Ji, J.F.: Forecasting day-ahead electricity prices using a new integrated model. Int. J. Electr. Power Energy Syst. 105, 541–548 (2019)
Gao, W., Darvishan, A., Toghani, M., Mohammadi, M., Abedinia, O., Ghadimi, N.: Different states of multi-block based forecast engine for price and load prediction. Int. J. Electr. Power Energy Syst. 104, 423–435 (2019)
Wang, K., Xu, C., Zhang, Y., Guo, S., Zomaya, A.Y.: Robust big data analytics for electricity price forecasting in the smart grid. IEEE Trans. Big Data 5(1), 34–45 (2017)
Qiu, X., Ren, Y., Suganthan, P.N., Amaratunga, G.A.: Empirical mode decomposition based ensemble deep learning for load demand time series forecasting. Appl. Soft Comput. 54, 246–255 (2017)
Chinnathambi, R.A., Mukherjee, A., Campion, M., Salehfar, H., Hansen, T.M., Lin, J., Ranganathan, P.: A multi-stage price forecasting model for day-ahead electricity markets. Energies 1(1), 1–21 (2018)
Fan, G.F., Guo, Y.H., Zheng, J.M., Hong, W.C.: Application of the weighted k-nearest neighbor algorithm for short-term load forecasting. Energies 12(5), 1–19 (2019)
Chen, Y., Kloft, M., Yang, Y., Li, C., Li, L.: Mixed kernel based extreme learning machine for electric load forecasting. Neurocomputing 312, 90–106 (2018)
Qiu, X., Suganthan, P.N., Amaratunga, G.A.: Ensemble incremental learning random vector functional link network for short-term electric load forecasting. Knowl.-Based Syst. 145, 182–196 (2018)
Alanis, A.Y.: Electricity prices forecasting using artificial neural networks. IEEE Lat. Am. Trans. 16(1), 105–111 (2018)
Guo, Y., Han, S., Shen, C., Li, Y., Yin, X., Bai, Y.: An adaptive SVR for high-frequency stock price forecasting. IEEE Access 6, 11397–11404 (2018)
Hameed, A.R., Javaid, N., Islam, S.U., Ahmed, G., Qasim, U., Khan, Z.A.: BEEC: balanced energy efficient circular routing protocol for underwater wireless sensor networks. In: 2016 International Conference on Intelligent Networking and Collaborative Systems (INCoS), pp. 20–26. IEEE, September 2016
Zain-ul-Abidin, M., Khan, M.A., Javaid, N., Khizar, M., Khan, Z.A., Qasim, U.: Enhanced single chain-based scheme in cylindrical underwater wireless sensor networks. In: 2016 30th International Conference on Advanced Information Networking and Applications Workshops (WAINA), pp. 343–348. IEEE, March 2016
Hafeez, T., Javaid, N., Hameed, A.R., Sher, A., Khan, Z.A., Qasim, U.: AVN-AHH-VBF: avoiding void node with adaptive hop-by-hop vector based forwarding for underwater wireless sensor networks. In: 2016 10th International Conference on Innovative Mobile and Internet Services in Ubiquitous Computing (IMIS), pp. 49–56. IEEE, July 2016
Shah, M., Javaid, N., Tariq, S., Imran, M., Alnuem, M.: A balanced energy consumption protocol for underwater ASNs. In: 18th IEEE International Conference on Network-Based Information Systems (NBiS-2015), Taipei, Taiwan, September 2015
Fahim, H., Javaid, N., Qasim, U., Khan, Z.A., Javed, S., Hayat, A., Iqbal, Z., Rehman, G.: Interference and bandwidth aware depth based routing protocols in underwater WSNs. In: 2015 9th International Conference on Innovative Mobile and Internet Services in Ubiquitous Computing, pp. 78–85. IEEE, July 2015
Awais, M., Javaid, N., Shaheen, N., Iqbal, Z., Rehman, G., Muhammad, K., Ahmad, I.: An efficient genetic algorithm based demand side management scheme for smart grid. In: 2015 18th International Conference on Network-Based Information Systems, pp. 351–356. IEEE, September 2015
Ashraf, H., Hassan, A., Khurshid, U., Mahmood, A., Shaheen, N., Khan, Z. A., Qasi, U., Javaid, N.: Peak load shaving model based on individual’s habit. In: 2015 Ninth International Conference on Complex, Intelligent, and Software Intensive Systems, pp. 276–282. IEEE, July 2015
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this paper
Cite this paper
Khan, Z.A. et al. (2020). Short Term Electricity Price Forecasting Through Convolutional Neural Network (CNN). In: Barolli, L., Amato, F., Moscato, F., Enokido, T., Takizawa, M. (eds) Web, Artificial Intelligence and Network Applications. WAINA 2020. Advances in Intelligent Systems and Computing, vol 1150. Springer, Cham. https://doi.org/10.1007/978-3-030-44038-1_108
Download citation
DOI: https://doi.org/10.1007/978-3-030-44038-1_108
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-44037-4
Online ISBN: 978-3-030-44038-1
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)