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With the ever-increasing level of bidding freedom bestowed to participants in deregulated electricity markets, bidding strategies have become more diversified and complicated, inevitably giving rise to the growth of market uncertainties. Some researchers have developed tools to predict the bidding behaviors of generation companies (GENCOs) considering uncertainties. However, there still remains a gap in enhancing the performance of probabilistic Bidding Behavior Forecasting (BBF) and understanding the sources of bidding uncertainties in electricity markets. This paper proposes a holistic Bayesian Deep Learning (BDL) framework based on Accurate Variational Inference (AVI) to capture both aleatoric uncertainty and epistemic uncertainty, two important uncertainties in bidding behaviors. The introduced framework also procures higher BBF accuracy and reasonable computation cost compared with existing techniques. Derivatives of GENCOs' bidding uncertainty are ascertained by implementing a new metric to quantify the impact of influence factors. A numerical experiment is conducted using data from National Electricity Market (NEM) in Australia to demonstrate the performance of the proposed framework. • A BDL framework based on AVI is proposed for analyzing bidding uncertainty. • A modified BNN is constructed to perform BBF with higher efficiency. • The epistemic uncertainty and the aleatoric uncertainty in BBF are captured. • The derivatives of bidding uncertainty are ascertained. [ABSTRACT FROM AUTHOR]

Predicting electricity demand data is considered an essential task in decisions taking, and establishing new infrastructure in the power generation network. To deliver a high-quality electricity demand prediction, this paper proposes a hybrid combination technique, based on a deep learning model of Convolutional Neural Networks and Echo State Networks, named as CESN. Daily electricity demand data from four sites (Roderick, Rocklea, Hemmant and Carpendale), located in Southeast Queensland, Australia, have been used to develop the proposed hybrid prediction model. The study also analyzes five other machine learning-based models (support vector regression, multilayer perceptron, extreme gradient boosting, deep neural network, and Light Gradient Boosting) to compare and evaluate the outcomes of the proposed deep learning approach. The results obtained in the experimental study showed that the proposed hybrid deep learning model is able to obtain the highest performance compared to other existing models developed for daily electricity demand data forecasting. Based on the statistical approaches utilized in this study, the proposed hybrid approach presents the highest prediction accuracy among the compared models. The obtained results showed that the proposed hybrid deep learning algorithm is an excellent and accurate electricity demand forecasting method, which outperformed the state of the art algorithms that are currently used in this problem. [Display omitted] • A Hybrid deep learning model is proposed for daily electricity demand prediction. • Convolutional Neural Networks and Echo State Networks are integrated into a single forecasting algorithm. • The proposed deep learning-based approach is excellent in electricity demand prediction. • The proposed algorithm has practical use in inter-daily electricity demand prediction. [ABSTRACT FROM AUTHOR]

Photovoltaic (PV) power forecasting (PVPF) plays an important role in the scheduling and operation of modern power systems. Considering the highly varying and complex features of PVPF, this paper constitutes a novel hybrid deep learning forecasting method. A similar day selection method based on the levy-flight beetle antennae search algorithm is proposed to select historical days similar to the forecast day from the real-time massive data. The Pearson correlation coefficient method is utilized to select the main meteorological factors while wavelet packet decomposition is used to decompose and reconstruct the original PV power into a series of sub-signals. A deep learning model taking the sub-signals of similar days as network inputs is established with a group of gated recurrent units (GRU), where the hyperparameters of each GRU network are effectively optimized. The forecasting result of each sub-signal is integrated to obtain the final forecasting PV power value. The simulation regarding the 5-min ahead PVPF is carried out based on a real-world dataset from Alice Spring, Australia. The simulation comparisons indicate that the proposed hybrid deep learning method outperforms other competitive PVPF methods in terms of both forecasting accuracy and computational efficiency. • Application of SDS-based GRU model to PV power forecasting. • A similar day selection method is developed based on the Levy-flight BAS algorithm. • Application of WPD to decompose the PV signal to extract the frequency feature. • Levy-flight BAS is used to optimize the hyperparameters of GRU. [ABSTRACT FROM AUTHOR]