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Rising environmental concerns are integrating more renewables in power systems. This increase introduces uncertainty in generation and makes it challenging to maintain a balance between demand and supply. To avoid balancing problems and consequent stability issues, better forecast models are needed as traditional techniques are not fully equipped to deal with these new challenges. Thus, artificial intelligence (AI) based forecast techniques are gaining potential recognition in the realm of electricity markets. This paper aims at investigating the state-of-art of AI applications for price forecasts in electricity balancing markets (EBMs). The focus of previous studies extended in this direction has been towards the dayahead markets, whereas studies targeting EBMs are rather scarce. This paper shows how AI-based forecasts support EBMs modeling, resulting in more secure grid integration of distributed technologies. The benefits driven from such forecasts by market participants like brokers and customers are also investigated.
|Title of host publication||Proceedings of 2021 IEEE International Conference on Industrial Technology|
|Publication status||Published - 2021|
|Event||2021 IEEE International Conference on Industrial Technology - Virtual Event, Valencia, Spain|
Duration: 10 Mar 2021 → 12 Mar 2021
Conference number: 22
|Conference||2021 IEEE International Conference on Industrial Technology|
|Period||10/03/2021 → 12/03/2021|
- Artificial intelligence
- Balancing markets
- Imbalance settlement
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BOSS: Bornholm Smartgrid Secured- by grid connected battery systems
Toghroljerdi, S. H., Træholt, C., Østergaard, J., Frost, F., Andersen, P. B., Klintström, M., Jakobsen, P. M., Sørensen, T. M., Jensen, M. B., Jensen, R. H., Due, A., Rabjerg, M. F., Hameed, Z., Kharlamova, N. & Zhao, C.
01/03/2019 → 31/12/2022