PowerWeb lunch lecture: Jesus Lago - VITO Belgium

10 October 2019 12:45 till 13:30 - Location: EEMCS, hal Chip - By: Eveline Zeegers

The PowerWeb Institute invites you to their monthly lunch lecture series. The lecturers are people from research and industry touching the subject on energy systems integration from their perspective. These events aim to find synergy and possible collaboration.

"Forecasting wholesale electricity prices: from probabilistic to deep learning approaches”

Jesus Lago - Vito Belgium

Date: 10 October 2019
Time: 12:45-13:30 hrs
Location: Faculty of EEMCS, Mekelweg, hall Chip

The lunch lectures are free to attend but registration is mandatory via this link

In recent years, with the increasing penetration of renewable energy sources (RES), the generation of electricity has become more uncertain. As this integration is only expected to increase, the uncertainty in the power grid will become worse.

As electricity consumption has to equal electricity generation at all times, increasing uncertainty in electricity generation leads to electricity markets that display highly volatile prices with sudden and unexpected price peaks. In this context, accurate price forecasting is paramount to ensure further integration of RES into the electricity grid by guarantying their profitability and reducing the associated market risks.

In this talk, we will cover the main approaches and techniques when it comes to forecasting prices. We will start the talk with a brief introduction to the field of price forecasting. Then, we will talk about the three main types of forecasting methods: point forecasting, probability forecasting, and scenario forecasting. In particular, we will discuss the merits and disadvantages of these three classes, and we will provide some particular examples of methods belonging to these families.

At the end, we will also discuss the importance of market integration in forecasting electricity prices, and the role of deep learning techniques in the context of point forecasting.

​Jesus Lago is a researcher at the Flemish Institute for technological research (VITO) and a PhD student at the Delft Center for Systems and Controls at TU Delft. His research area is on forecasting and control techniques that, by optimal interaction with the electricity markets, allow more integration of renewable sources and lead to market agents increasing their profits.

​His current research project is funded be the INCITE network, a Marie-Curie training network within the Horizon 2020 EU programme. The network comprises a total of 14 PhD fellows across Europe with a single goal in mind: develop control algorithms to support the integration of renewable energy sources into smart energy systems.

His research interests are applications of numerical optimization, deep learning, and forecasting algorithms with special emphasis on energy markets and balancing the electrical grid.

More info on his research can be found on his personal website.

The lunch lectures are free to attend but registration is mandatory via this link