Short-term electricity price forecasting G-LSTM model and economic dispatch for distribution system

Abstract

In electricity market, electricity prices play an important role. The short-term electricity trading accounts for a large part in the market. Thus, this paper studied the short-term electricity price forecasting and proposed a new method - G-LSTM (LSTM with error correction using GARCH model). Using this model, we achieve good performance on the LMPs (locational marginal prices) forecasting in the PJM power market. And based on our electricity price forecasting results, we calculate the ED (economic dispatch) plan of an IEEE 33-bus distribution system which contains wind power generation and photovoltaic power generation as an example.