PowerWeb lunch lecture "Forecasting wholesale electricity prices: from probabilistic to deep learning approaches"

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by Jesus Lago - VITO Belgium


Monthly Lunch Lecture hosted by the PowerWeb Institute. 

In recent years, with the increasing penetration of renewable energy sources (RES), the generation of electricity has become more uncertain. As this integration is only expected to increase, the uncertainty in the power grid will become worse.

As electricity consumption has to equal electricity generation at all times, increasing uncertainty in electricity generation leads to electricity markets that display highly volatile prices with sudden and unexpected price peaks. In this context, accurate price forecasting is paramount to ensure further integration of RES into the electricity grid by guarantying their profitability and reducing the associated market risks.

In this talk, we will cover the main approaches and techniques when it comes to forecasting prices. We will start the talk with a brief introduction to the field of price forecasting. Then, we will talk about the three main types of forecasting methods: point forecasting, probability forecasting, and scenario forecasting. In particular, we will discuss the merits and disadvantages of these three classes, and we will provide some particular examples of methods belonging to these families.

At the end, we will also discuss the importance of market integration in forecasting electricity prices, and the role of deep learning techniques in the context of point forecasting.

Attendance is free but registration is mandatory (please follow the registration link)

 



  Date and Time

  Location

  Contact

  Registration



  • mekelweg 4
  • Delft, Zuid-Holland
  • Netherlands 2628CD
  • Building: faculty of Electrical Engineering, Mathematics, and Computer Science
  • Room Number: Lecture hall Chip

Staticmap?size=250x200&sensor=false&zoom=14&markers=51.9988247%2c4
  • attendance is free but registration is mandatory







Agenda

12:30, room opened (TU Delft, faculty of EEMCS - Lecture hall Chip), lunch provided

12:45 -13:30 Lecture by by Jesus Lago - VITO Belgium