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Open AccessFeature PaperArticle

High-Resolution Electricity Spot Price Forecast for the Danish Power Market

Department of Business Development and Technology, Centre for Energy Technologies, Aarhus University, Aarhus BSS, Birk Centerpark 15, DK-7400 Herning, Denmark
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Sustainability 2020, 12(10), 4267; https://doi.org/10.3390/su12104267
Received: 13 April 2020 / Revised: 5 May 2020 / Accepted: 20 May 2020 / Published: 22 May 2020
(This article belongs to the Special Issue Sustainable and Renewable Energy Systems)
Energy markets with a high penetration of renewables are more likely to be challenged by price variations or volatility, which is partly due to the stochastic nature of renewable energy. The Danish electricity market (DK1) is a great example of such a market, as 49% of the power production in DK1 is based on wind power, conclusively challenging the electricity spot price forecast for the Danish power market. The energy industry and academia have tried to find the best practices for spot price forecasting in Denmark, by introducing everything from linear models to sophisticated machine-learning approaches. This paper presents a linear model for price forecasting—based on electricity consumption, thermal power production, wind production and previous electricity prices—to estimate long-term electricity prices in electricity markets with a high wind penetration levels, to help utilities and asset owners to develop risk management strategies and for asset valuation. View Full-Text
Keywords: electricity spot price forecast; power markets; renewable energy; wind power; big data electricity spot price forecast; power markets; renewable energy; wind power; big data
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Schütz Roungkvist, J.; Enevoldsen, P.; Xydis, G. High-Resolution Electricity Spot Price Forecast for the Danish Power Market. Sustainability 2020, 12, 4267.

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