Forecasting Methodology Used in Restructured Electricity Market: A Review

Electricity Forecasting are very important for electricity generation and transmission market for buyer and supplier and distribution market for consumers point of view. Globally there is a huge change in trends towards deregulation and restructuring in power industry over last fifteen years. Competition in wholesale market and retail market together give open access to the transmission network can give many advantages to the consumers. Accurate model and planning are require for forecasting the electricity in deregulated power market. These advantages include lower electricity prices and better services. This paper present a review on deregulation in restructured electricity market and different forecasting methodology used in deregulated power system.