Electricity Price Forecast using Meteorology data: A study in Australian Energy Market

Electricity price as a fundamental cost for each family which is an essential segment in the electricity market. The adjustment of electricity price can present the change in electricity supply and demand relationship. For the electricity supply companies, an appropriate defined electricity price can eventually determine the level of profit. On the other hand, an accurate prediction can help to seize opportunities in the electricity market. In this paper, we aim to predict the electricity price with more confident accuracy by leveraging data mining techniques. Our experiment on 12 months of electricity prices as well as climate data in the New South Wales has achieved a promising prediction result.