EU PVSEC Programme Online
EU PVSEC 2021, 6 - 10 September 2021
Presentation: 7DV.1.4 Demand-Aware Electricity Price Prediction Based on LSTM and Wavelet Transform
Type: Visual
Date: Thursday, 9th September 2021
08:30 - 10:00
Author(s): K. Iwabuchi, K. Kato, D. Watari, I. Taniguchi, F. Catthoor, E. Shirazi, T. Onoye
Presenter / Speaker: K. Iwabuchi, Osaka University, Suita, Japan
Event: Conference Conference
Session: 7DV.1 Economics, Markets and Education
Topic: 7. 1 Costs, Economics, Finance and Markets
Keywords: Dynamic Pricing, Electricity Demand, Electricity Price Forecast
Summary / Abstract: This paper proposes a novel electricity price prediction method using past electricity demand. The previous method predicts the electricity price using LSTM after wavelet transform of the past electricity price series. Wavelet transform decomposes the series into more smooth and stable series, and accurate prediction is performed by LSTM with these series. The proposed method also uses the electricity demand series, and the demand is also applied wavelet transform for effective LSTM step. Experimental results show the effectiveness of the proposed method, and the accuracy is drastically improved over the previous method.