Supply Function Prediction in Electricity Auctions
AbstractIn the fast growing literature that addresses the problem of the optimal bidding behaviour of power generation companies that sell energy in electricity auctions it is always assumed that every firm knows the aggregate supply function of its competitors. Since this information is generally not available, real data have to be substituted by predictions. In this paper we propose two alternative approaches to the problem and apply them to the hourly prediction of the aggregate supply function of the competitors of the main Italian generation company.
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Bibliographic InfoPaper provided by Università degli Studi di Milano-Bicocca, Dipartimento di Statistica in its series Working Papers with number 20120301.
Length: 11 pages
Date of creation: 01 Mar 2012
Date of revision:
electricity auctions; functional prediction; reduced rank regression;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-05-29 (All new papers)
- NEP-ENE-2012-05-29 (Energy Economics)
- NEP-FOR-2012-05-29 (Forecasting)
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