Skip to main content

Advertisement

Table 3 RTP Forecasting quality evaluation comparison between models

From: A hybrid model for short term real-time electricity price forecasting in smart grid

Models Evaluation criteria
  MAE ($/MWh) MSE ($/MWh) RMSE ($/MWh\()^{\frac {1}{2}}\) MAPE (%)
ARIMA model 2.61 9.25 3.04 8.29
LS model 2.52 9.41 3.07 8.51
GP model 1.35 3.01 1.74 4.29
LS+GP models 1.53 5.33 2.31 4.65
BP-ANN model 1.49 3.50 1.87 4.69
Hybrid model 1.06 1.72 1.31 3.38
  1. The best performance metrics are marked in bold