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Full-Text Articles in Business
Modeling Real Time Prices For Energy Markets, Kyle Cohen, Erin Byrd, Nhi Nguyen, Khanh Nguyen
Modeling Real Time Prices For Energy Markets, Kyle Cohen, Erin Byrd, Nhi Nguyen, Khanh Nguyen
Showcase of Osprey Advancements in Research and Scholarship (SOARS)
Wholesale power markets operate as both “day-ahead” and “real-time” markets, where transactions for power are placed a day before flow and an hour before flow, respectively. This project focuses on comparing models for predicting the price of the real-time market, using the PJM region as a case study. The real-time market is notoriously more volatile than its day-ahead counterpart, so the ability to predict the price of power on an hourly basis is extremely valuable for making decisions such as when and where to transact and when to hedge against volatility. Additional variables considered include temperature, power demand (load), generation …