IDEAS home Printed from https://ideas.repec.org/h/spr/oprchp/978-3-642-29210-1_7.html
   My bibliography  Save this book chapter

Electricity Price Modelling for Turkey

In: Operations Research Proceedings 2011

Author

Listed:
  • Miray Hanım Yıldırım

    (Middle East Technical Univ.
    Çankaya Univ.)

  • Ayşe Özmen

    (Middle East Technical Univ.)

  • Özlem Türker Bayrak

    (Çankaya Univ.)

  • Gerhard Wilhelm Weber

    (Middle East Technical Univ.)

Abstract

This paper presents customized models to predict next-day’s electricity price in short-term periods for Turkey’s electricity market. Turkey’s electricity market is evolving from a centralized approach to a competitive market. Fluctuations in the electricity consumption show that there are three periods; day, peak, and night. The approach proposed here is based on robust and continuous optimization techniques, which ensures achieving the optimum electricity price to minimize error in periodic price prediction. Commonly, next-day’s electricity prices are forecasted by using time series models, specifically dynamic regression model. Therefore electricity price prediction performance was compared with dynamic regression. Numerical results show that CMARS and RCMARS predicts the prices with 30% less error compared to dynamic regression.

Suggested Citation

  • Miray Hanım Yıldırım & Ayşe Özmen & Özlem Türker Bayrak & Gerhard Wilhelm Weber, 2012. "Electricity Price Modelling for Turkey," Operations Research Proceedings, in: Diethard Klatte & Hans-Jakob Lüthi & Karl Schmedders (ed.), Operations Research Proceedings 2011, edition 127, pages 39-44, Springer.
    • Handle: RePEc:spr:oprchp:978-3-642-29210-1_7
    DOI: 10.1007/978-3-642-29210-1_7
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Soheyl Khalilpourazari & Saman Khalilpourazary & Aybike Özyüksel Çiftçioğlu & Gerhard-Wilhelm Weber, 2021. "Designing energy-efficient high-precision multi-pass turning processes via robust optimization and artificial intelligence," Journal of Intelligent Manufacturing, Springer, vol. 32(6), pages 1621-1647, August.
    2. Avci-Surucu, Ezgi & Aydogan, A. Kursat & Akgul, Doganbey, 2016. "Bidding structure, market efficiency and persistence in a multi-time tariff setting," Energy Economics, Elsevier, vol. 54(C), pages 77-87.
    3. Matinfard, Sahar & Yaghoubi, Saeed & Kharaji Manouchehrabadi, Maedeh, 2024. "A coordinated approach for a three-echelon solar-wind energy supply with government intervention," Utilities Policy, Elsevier, vol. 86(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:oprchp:978-3-642-29210-1_7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.