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 |