This research proposes an investigative experiment employing binary classification for short-term electricity price spike forecasting.
Price spikes are unexpected and abrupt extreme prices whose value can be several orders of magnitude higher than normal electricity prices. Moreover, due to their stochastic nature, price spikes are short-lived extreme price variations observed in the short-term operation of all wholesale electricity markets.
These extreme prices impact both the supply and demand sides…
Authors: Manuel Zamudio López, Hamidreza Zareipour, Mike Quashie