Forecasting Methods for Renewable Power Generation
Forecasting Methods for Renewable Power Generation
English | 2025 | ISBN: 1394249438 | 403 Pages | EPUB (True) | 10 MB
English | 2025 | ISBN: 1394249438 | 403 Pages | EPUB (True) | 10 MB
Forecasting techniques in renewable power generation, demand response, and electricity pricing are vital for grid stability, optimal resource allocation, efficient energy management, and cost-effective electricity supply. They enable grid operators and market participants to make informed decisions, mitigate risks, and enhance the overall reliability and sustainability of the electrical grid. Electricity prices can vary significantly based on supply and demand dynamics. By forecasting expected demand and the availability of generation resources, market operators can optimize electricity pricing strategies. This alignment of prices with anticipated supply-demand balance incentivizes the efficient use of electricity and promotes market efficiency. Accurate forecasting helps prevent price spikes, reduces market uncertainties, and supports the development of effective energy trading strategies.