Day Ahead Pricing Forecasts for Short Term Scheduling in Power Markets — A Deep Learning based approach

Written by Akshit Gupta and Cremers Sho

In this blog, we will go over deep learning-based RNNs (specifically LSTMs) to forecast day-ahead electricity prices in the context of power markets. The work is mainly based on the approach highlighted in [1] and uses publicly available real-world datasets for weather and electricity prices for training and evaluation. Our results show that RNNs (bidirectional LSTMs) are a powerful tool for forecasting electrical…