Machine learning methods for short‐term bid forecasting in the renewable energy market: A case study in Italy
importance 4/10
ai assisted
Energy Load and Power Forecasting energy forecasting stage: research
Problem
Energy providers need to predict next-day total wind energy bid volumes in Italy's day-ahead market to size bids and manage network imbalance.
Why it matters
Better forecasts help providers avoid costly imbalances in volatile renewable energy markets.
What the AI did
A machine learning model using support vector regression maps meteorological forecast features to a 1-day-ahead prediction of wind energy bid volumes for a market zone.
Results
not stated in source
Impact
Evidence supports a proposed forecasting tool; no measured accuracy reported in abstract.
Record
| Venue | Wind Energy |
|---|---|
| Published | 2018 |
| Work type | article |
| Authors | Guido Cocchi, Leonardo Galli, Giulio Galvan, Marco Sciandrone, Matteo Cantù, Giuseppe Tomaselli |
| Citations | 27 (OpenAlex, at import time) |
| References | 45 |
| Model or method | support vector regression |
| Organization | not stated in source |
| Primary source | https://doi.org/10.1002/we.2166 |
| Open access | closed |
| Keywords | wind energy, bid forecasting, support vector regression, day-ahead market, machine learning |
Importance rating
4
real but narrower advance
Day-ahead wind bid forecasting aids a provider's imbalance management in one national market case study; no quantified impact or scale given.
More in Business & Industry
| # | Paper | Year | Citations | Importance |
|---|---|---|---|---|
| 1 | Optimizing fraud detection in financial transactions with machine learning and imbalance mitigation | 2024 | 66 |
7
|
| 2 | BloombergGPT: A Large Language Model for Finance | 2023 | 289 |
6
|
| 3 | Search Personalization Using Machine Learning | 2020 | 167 |
6
|
| 4 | Combinatorial Optimization-Enriched Machine Learning to Solve the Dynamic Vehicle Routing Problem with Time Windows | 2024 | 69 |
6
|
| 5 | A review of the applications of multi-agent reinforcement learning in smart factories | 2022 | 76 |
6
|