In this paper, an efficient method based on a new fuzzy neural network is proposed for short-term price forecasting of electricity markets. This fuzzy neural network has inter-layer and feed-forward architecture with a new hypercubic training mechanism. The proposed method predicts hourly market-clearing prices for the day-ahead electricity markets. By combination of fuzzy logic and an efficient learning algorithm, an appropriate model for the nonstationary behavior and outliers of the price series is presented. The proposed method is examined on the Spanish electricity market. It is shown that the method can provide more accurate results than the other price forecasting techniques, such as ARIMA time series, wavelet-ARIMA, MLP, and RBF neural networks.

This paper presents a new time series modeling for short term load forecasting, which can model the valuable experiences of the expert operators. This approach can accurately forecast the hourly loads of weekdays, as well as, of weekends and public holidays. It is shown that the proposed method can provide more accurate results than the conventional techniques, such as artificial neural networks or Box-Jenkins models. In addition to hourly loads, daily peak load is an important problem for dispatching centers of a power network. Most of the common load forecasting approaches do not consider this problem. It is shown that the proposed method can exactly forecast the daily peak load of a power system. Obtained results from extensive testing on the Iran's power system network confirm the validity of the developed approach.

This paper presents a new time series modeling for short term load forecasting, which can model the valuable experiences of the expert operators. This approach can accurately forecast the hourly loads of weekdays, as well as, of weekends and public holidays. It is shown that the proposed method can provide more accurate results than the conventional techniques, such as artificial neural networks or Box-Jenkins models. In addition to hourly loads, daily peak load is an important problem for dispatching centers of a power network. Most of the common load forecasting approaches do not consider this problem. It is shown that the proposed method can exactly forecast the daily peak load of a power system. Obtained results from extensive testing on Iran's power system network confirm the validity of the developed approach.

Load and price forecasts are necessary for optimal operation planning in competitive electricity markets. However, most of the load and price forecast methods suffer from lack of an efficient feature selection technique with the ability of modeling the nonlinearities and interacting features of the forecast processes. In this paper, a new feature selection method is presented. An important contribution of the proposed method is modeling interaction in addition to relevancy and redundancy, based on information-theoretic criteria, for feature selection. Another main contribution of the paper is proposing a hybrid filter-wrapper approach. The filter part selects a minimum subset of the most informative features by considering relevancy, redundancy, and interaction of the candidate inputs in a coordinated manner. The wrapper part fine-tunes the settings of the composite filter.