In deregulated power market, the market clearing price of electricity is the basic information for all market players. Therefore, the market players, i.e., the producers, the traders and the user agencies, need accurate price forecasting tools. This paper deals with a forecasting model based on time series analysis and involves seasonal auto regressive integrated moving average process. This technique is explained and verified for actual electricity price data of a typical power exchange.
Power Exchange, Forecasting, Market Clearing Price
