TY  - JOUR
N2  - Electricity price forecasting is a subset of energy and power forecasting that focuses on projecting commercial electricity market present and future prices. Electricity price forecasting have been a critical input to energy corporationsâ?? strategic decision-making systems over the last 15 years. Many strategies have been utilized for price forecasting in the past, however Artificial Intelligence Techniques (Fuzzy Logic and ANN) have proven to be more efficient than traditional techniques (Regression and Time Series). Fuzzy logic is an approach that uses membership functions (MF) and fuzzy inference model to forecast future electricity prices. Fuzzy c-means (FCM) is one of the popular clustering approach for generating fuzzy membership functions. However, the fuzzy c-means algorithm is limited to producing only one type of MFs, Gaussian MF. The generation of various fuzzy membership functions is critical since it allows for more efficient and optimal problem solutions. As a result, for the best and most improved results for electricity price forecasting, an approach to generate multiple type-1 fuzzy MFs using FCM algorithm is required. Therefore, the objective of this paper is to propose an approach for generating type-1 fuzzy triangular and trapezoidal MFs using FCM algorithm to overcome the limitations of the FCM algorithm. The approach is used to compute and improve forecasting accuracy for electricity prices, where Australian Energy Market Operator (AEMO) data is used. The results show that the proposed approach of using FCM to generate type-1 fuzzy MFs is effective and can be adopted. © 2022 Tech Science Press. All rights reserved.
SN  - 15462218
TI  - Energy Price Forecasting Through Novel Fuzzy Type-1 Membership Functions
IS  - 1
KW  - Clustering algorithms; Computer circuits; Copying; Costs; Decision making; Forecasting; Fuzzy clustering; Fuzzy inference; Membership functions
KW  -  Electricity prices; Electricity prices forecasting; Energy prices; Fuzzy C-mean algorithm; Fuzzy membership function; Fuzzy-c means; Fuzzy-Logic; Memberships function; Price forecasting; Type-1 fuzzy membership function
KW  -  Power markets
ID  - scholars17660
EP  - 1815
SP  - 1799
PB  - Tech Science Press
AV  - none
Y1  - 2022///
UR  - https://www.scopus.com/inward/record.uri?eid=2-s2.0-85130178547&doi=10.32604%2fcmc.2022.028292&partnerID=40&md5=48226b51b8582660af34e244fd9a3368
A1  - Azam, M.H.
A1  - Hasan, M.H.
A1  - Malik, A.A.
A1  - Hassan, S.
A1  - Abdulkadir, S.J.
N1  - cited By 0
JF  - Computers, Materials and Continua
VL  - 73
ER  -