New way to improve accuracy of electricity price forecasts

Researchers at the European Commission's Joint Research Centre (JRC) have developed a new filtering technique to improve electricity price forecasts by refining historical price data before applying predictive models. Electricity prices can fluctuate as much as 20 times more than stock markets daily, with hourly volatility exceeding 1,000%. Various factors, including changes in energy demand, renewable energy production, weather, and market disruptions, drive this volatility. Businesses and consumers rely on forecasts to navigate the market, but traditional models struggle to handle extreme price ...

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