Search

Accurate electricity price forecasting (EPF) can provide a necessary basis for market decision making by power market participants to reduce the operating cost of the power system and ensure the system's stable operation. To address the characteristics of high frequency, strong nonlinearity, and high volatility of electricity prices, this paper proposes a short-term electricity price forecasting model based on a two-layer variational modal decomposition (VMD) technique, using the sparrow search algorithm (SSA) to optimize the long and short-term memory network (LSTM). The original electricity price sequence is decomposed into multiple modal components using VMD. Then, each piece is predicted separately using an SSA-optimized LSTM. For the element with the worst prediction accuracy, IMF-worst is decomposed for a second time using VMD to explore the price characteristics further. Finally, the prediction results of each modal component are reconstructed to obtain the final prediction results. To verify the validity and accuracy of the proposed model, this paper uses data from three electricity markets, Australia, Spain, and France, for validation analysis. The experimental results show that the proposed model has MAPE of 0.39%, 1.58%, and 0.95%, RMSE of 0.25, 0.9, and 0.3, and MAE of 0.19, 0.68, and 0.31 in three different cases, indicating that the proposed model can well handle the nonlinear and non-stationarity characteristics of the electricity price series and has superior forecasting performance. [ABSTRACT FROM AUTHOR]

The increased penetration of renewable energy sources (RESs) as an effective mechanism to reduce carbon emissions leads to an increased weather dependency for power and energy systems. This has created dynamic operation and degradation phenomena, which affect the lifetime estimation of the assets operated with RESs. For the reliable and efficient operation of RES it is crucial to monitor the health of its constituent components and feature selection is a crucial step for building robust and accurate health monitoring approaches. In this context, this paper presents a probabilistic feature selection approach, which probabilistically weights and selects features through a heuristic and iterative process for an improved asset lifetime estimation. Power transformers are key power grid assets and they are used to demonstrate the validity and impact of the proposed approach. The approach is tested on two different photovoltaic power plants operated in Spain and Australia. Results consistently show that the proposed feature-selection approach reduces the prediction error and consistently selects relevant features. The approach has been applied to transformer lifetime estimation, but it can be generally applied to assist in the lifetime estimation of other components operated in RESs. Part of the studies presented here as well as source codes are all open-source under the GitHub repository https://github.com/iramirezg/FeatureSelection. • Probabilistic feature selection approach for improved asset lifetime estimation. • Integration of environmental features for improved renewable-operated asset lifetime. • Systematic and robust feature weighting methodology. • Improved transformer lifetime estimation including sensor and environmental data. • Validated on two real photovoltaic power plant case studies. [ABSTRACT FROM AUTHOR]

The transfer of successful water market governance between international settings is increasingly attractive to policy makers under globalization. This paper tests lesson-drawing approaches to water market governance transfers using data from Spain and the Murray-Darling Basin, Australia. Spain is the blueprint country for water market adoption in Europe, while Australia is often presented as a world leader in innovative water market arrangements. A preliminary comparative analysis framework linking water market governance principles to observed institutional arrangements and outcomes is provided. Finally, some key lessons, problems and policy transfer potential to stimulate and enhance Spanish water markets from lesson-drawing approaches are drawn, with an emphasis on adaptive capacity as an institutional performance metric. We find that Spain's current water governance institutions and arrangements offer a solid platform for marketing reform, where some key adaptive capacity constraints are able to be addressed. The lessons drawn from this study highlight those areas of change which, while challenging, can be achieved in our view. • Lesson drawing methods offer a novel way to assess adaptive capacity in policy settings. • Australia's water markets provide a case study for comparing Spain's readiness for water market adoption. • Current institutional strengths and weaknesses are identified via the analysis. • Future adaptive capacity evaluation offers useful insights for water governors and policy-makers. [ABSTRACT FROM AUTHOR]