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The electricity supply industry is being restructured worldwide into a competitive market structure in which electricity is produced by generators, transmitted by transmission companies, and distributed by suppliers according to new trading agreements. In this market, System Marginal Price (SMP) plays a very important role. Obviously, an accurate prediction wouldbenefit all market participants involved. In this paper, through comparing the characteristics of the SMP and the load, a novel method based on wavelet transform and neural networks is proposed and tested by the UK pool data. [ABSTRACT FROM AUTHOR]