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Predicting Energy Prices using Cloud forecasting Services

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Article number138
<mark>Journal publication date</mark>8/07/2024
<mark>Journal</mark>ERCIM News
Issue number138
VolumeSpecial Theme: Sustainable Cities
Number of pages2
Pages (from-to)12-13
Publication StatusPublished
<mark>Original language</mark>English

Abstract

The energy sector is essential for economic development, and the liberalisation of the electricity market has made energy pricing dynamic, influenced by supply and demand. Accurate energy price forecasting is crucial for supply planning and investment decisions, offering security and risk minimization for producers and traders. We propose a cloud-based AI prototype that predicts energy prices using historical data. It details our method for assessing model accuracy by comparing actual to predicted prices, demonstrating how cloud technology can streamline data-intensive tasks in energy forecasting.