Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy

ACAROĞLU H., García Márquez F. P.

ENERGIES, vol.14, no.22, 2021 (SCI-Expanded) identifier identifier

  • Publication Type: Article / Review
  • Volume: 14 Issue: 22
  • Publication Date: 2021
  • Doi Number: 10.3390/en14227473
  • Journal Name: ENERGIES
  • Journal Indexes: Science Citation Index Expanded (SCI-EXPANDED), Scopus, Academic Search Premier, Aerospace Database, CAB Abstracts, Communication Abstracts, Compendex, INSPEC, Metadex, Veterinary Science Database, Directory of Open Access Journals, Civil Engineering Abstracts
  • Keywords: electricity price, electricity load, electricity price forecasting, wind energy, day-ahead market, intra-day market, balancing power market, NEURAL-NETWORK, RENEWABLE ENERGY, WAVELET TRANSFORM, POWER-GENERATION, SEARCH ALGORITHM, DEMAND RESPONSE, OPTIMAL-DESIGN, HYBRID MODELS, SPOT PRICES, IMPACT
  • Eskisehir Osmangazi University Affiliated: Yes


Forecasting the electricity price and load has been a critical area of concern for researchers over the last two decades. There has been a significant economic impact on producers and consumers. Various techniques and methods of forecasting have been developed. The motivation of this paper is to present a comprehensive review on electricity market price and load forecasting, while observing the scientific approaches and techniques based on wind energy. As a methodology, this review follows the historical and structural development of electricity markets, price, and load forecasting methods, and recent trends in wind energy generation, transmission, and consumption. As wind power prediction depends on wind speed, precipitation, temperature, etc., this may have some inauspicious effects on the market operations. The improvements of the forecasting methods in this market are necessary and attract market participants as well as decision makers. To this end, this research shows the main variables of developing electricity markets through wind energy. Findings are discussed and compared with each other via quantitative and qualitative analysis. The results reveal that the complexity of forecasting electricity markets' price and load depends on the increasing number of employed variables as input for better accuracy, and the trend in methodologies varies between the economic and engineering approach. Findings are specifically gathered and summarized based on researches in the conclusions.