Ontario's Independent Electricity System Operator (IESO) has made available a day-ahead price forecast that enables consumers and generators to make informed decisions about their next day's operations.
‘A reliable forecast of the next day's hourly electricity prices will help consumers better manage their electricity consumption and costs,’ says Paul Murphy, president and CEO of IESO. ‘Large-volume electricity consumers, who are charged hourly electricity prices, can use this information to avoid higher-priced periods by planning to shift or reduce some of their electricity use.’
IESO expects the day-ahead price forecast to improve market efficiency and encourage embedded generators to be available during the hours when power is needed the most, while allowing dispatchable generators to manage their operations more efficiently.
This price signal uses information that is available a day ahead to provide a forecast for the next day's hourly prices, Monday through Friday. The model produces upper and lower price thresholds, which provide a 95% confidence band around the forecast.
SOURCE: Independent Electricity System Operator