Department for Energy Development and Independence Shaoceng Wei, Yang Luo, Aron Patrick DRAFT. Summer Electricity Price Prediction Equation
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1 Department for Energy Development and Independence Shaoceng Wei, Yang Luo, Aron DRAFT Summer 2011
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3 Purpose of this project Electricity The purpose of this project is to analyze the relationships between historical electricity portfolios and electricity prices across the contiguous United States to estimate the most-likely electricity price in a state with a portfolio and other conditions that the user has specified. We are trying to predict the price of electricity using portfolio data, and we can do it successfully 96% of the time.
4 Data Collection Electricity In this energy database, we have 3647 observations from 1940 to 2010 of all 50 U.S. states. Each observation contains coal price, gas price, and all relevant variables. But most of the data are missing from 1940 to So, in this model we only use the 895 complete data from 1990 to 2009.
5 Variable Description Electricity varaible rate coal hydro gas nuke wind biomass ngeid gas-ngeid cleid estcp-pc description the price of electricity the percentage of electricity generation that is from coal the percentage of electricity generation that is from hydro the percentage of electricity generation that is from gas the percentage of electricity generation that is from nuke the percentage of electricity generation that is from wind the percent of electricity generation that is from biomass the price of gas an interaction term of ngeid and gas the price of coal in dollar per MMBTU in that state per capita electricity consumption in Gigawatt hours
6 Working Model Electricity Random Coefficient model. Y ij = with ε ij N(0, σ 2 ) X i β } {{ } + Z i γ } {{ } i +ε ij Fixed Effect Random Coefficient
7 Fixed Effect Electricity X i β = int β + β 1 year + β 2 coal + + β 11 estcp pc
8 Random Coefficient Electricity Z i γ i = int γi + γ 1i coal + γ 2i ngeid + γ 3i cleid Without this part, this model will be the fixed effect model, which we used initially.
9 residual Electricity Of 895 historical estimates, 860 were within 1 penny of the observed value, which is approximately 96%. 891 were within 2 pennies of the observed value. No estimates are larger than 2.5 pennies away from the observed value. While for the fixed effect model, only about 837 were within 1 penny of the observed value.
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11 Fixed Effect Estimation Electricity Fixed Effect Estimation p-value Intercept < year < coal cleid < hydro gas ngeid gas ngeid < nuke < wind < biomass < estcp pc <0.0001
12 Advantage of random coefficient model Electricity Accuracy Since this model is a subject specified model, it can cause less variation compared to fixed effect model. Data-Driven All of the coefficients in this model were derived from historical Federal data using statistical procedures. Validation This model has been validated using historical data from the contiguous United States. If things continue as they have over the past twenty years, then these results are very likely.
13 Disadvantage of random coefficient model Electricity Complexity This model involves advanced mathematical procedures and is more difficult to communicate or understand. No New Technologies Since the model uses historical observations, it can not simulate experimental or theoretical electricity generating technologies, where data is not yet available.
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35 Fixed Effect Estimation for Real Electricity Fixed Effect Paramater p-value Intercept < year < coal cleid r < hydro gas ngeid r GAS NGEID R < nuke < wind < biomass < estcp pc <0.0001
36 Electricity Random Coefficient Model produces predictions that match the observations consistently well for most states including Kentucky.
37 Thank You!
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