Support Vector Machines for decision support in electricity markets׳ strategic bidding

Tiago Pinto, Tiago M. Sousa, Isabel Praça, Zita Vale, Hugo Morais

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

Energy systems worldwide are complex and challenging environments. Multi-agent based simulation platforms are increasing at a high rate, as they show to be a good option to study many issues related to these systems, as well as the involved players at act in this domain. In this scope the authors׳ research group has developed a multi-agent system: Multi-Agent System for Competitive Electricity Markets (MASCEM), which simulates the electricity markets environment. MASCEM is integrated with Adaptive Learning Strategic Bidding System (ALBidS) that works as a decision support system for market players. The ALBidS system allows MASCEM market negotiating players to take the best possible advantages from the market context. This paper presents the application of a Support Vector Machines (SVM) based approach to provide decision support to electricity market players. This strategy is tested and validated by being included in ALBidS and then compared with the application of an Artificial Neural Network (ANN), originating promising results: an effective electricity market price forecast in a fast execution time. The proposed approach is tested and validated using real electricity markets data from MIBEL – Iberian market operator.
Original languageEnglish
JournalNEUROCOMPUTING
Volume172
Pages (from-to)438-445
ISSN0925-2312
DOIs
Publication statusPublished - 2015

Keywords

  • Artificial Neural Networks
  • Decision support systems
  • Electricity markets
  • Multi-agent simulation
  • Support Vector Machines

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