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Efficient representation of supply and demand curves on day-ahead electricity markets

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  • Mariia Soloviova
  • Tiziano Vargiolu

Abstract

We model the supply and demand curves of electricity day-ahead auctions in a parsimonious way by building an appropriate algorithm to present the information about electricity prices and demand with far fewer parameters than the existing algorithm. We represent each curve using mesh-free interpolation techniques based on radial basis function approximation. We describe the results of this method for the day-ahead IPEX spot price of Italy and then use these representations to forecast supply and demand and find the intersection of the predicted supply and demand curves in order to obtain the market clearing price.

Suggested Citation

  • Mariia Soloviova & Tiziano Vargiolu, . "Efficient representation of supply and demand curves on day-ahead electricity markets," Journal of Energy Markets, Journal of Energy Markets.
    • Handle: RePEc:rsk:journ2:7808701
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    1. Andreis, Luisa & Flora, Maria & Fontini, Fulvio & Vargiolu, Tiziano, 2020. "Pricing reliability options under different electricity price regimes," Energy Economics, Elsevier, vol. 87(C).
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    Cited by:

    1. Micha{l} Narajewski & Florian Ziel, 2021. "Optimal bidding in hourly and quarter-hourly electricity price auctions: trading large volumes of power with market impact and transaction costs," Papers 2104.14204, arXiv.org, revised Feb 2022.
    2. Hakan Acaroğlu & Fausto Pedro García Márquez, 2021. "Comprehensive Review on Electricity Market Price and Load Forecasting Based on Wind Energy," Energies, MDPI, vol. 14(22), pages 1-23, November.

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