@article{(Open Science Index):https://publications.waset.org/pdf/10003944,
	  title     = {Electricity Load Modeling: An Application to Italian Market},
	  author    = {Giovanni Masala and  Stefania Marica},
	  country	= {},
	  institution	= {},
	  abstract     = {Forecasting electricity load plays a crucial role regards
decision making and planning for economical purposes. Besides, in
the light of the recent privatization and deregulation of the power
industry, the forecasting of future electricity load turned out to be a
very challenging problem. Empirical data about electricity load
highlights a clear seasonal behavior (higher load during the winter
season), which is partly due to climatic effects. We also emphasize
the presence of load periodicity at a weekly basis (electricity load is
usually lower on weekends or holidays) and at daily basis (electricity
load is clearly influenced by the hour). Finally, a long-term trend may
depend on the general economic situation (for example, industrial
production affects electricity load). All these features must be
captured by the model.
The purpose of this paper is then to build an hourly electricity load
model. The deterministic component of the model requires non-linear
regression and Fourier series while we will investigate the stochastic
component through econometrical tools.
The calibration of the parameters’ model will be performed by
using data coming from the Italian market in a 6 year period (2007-
2012). Then, we will perform a Monte Carlo simulation in order to
compare the simulated data respect to the real data (both in-sample
and out-of-sample inspection). The reliability of the model will be
deduced thanks to standard tests which highlight a good fitting of the
simulated values.},
	    journal   = {International Journal of Economics and Management Engineering},
	  volume    = {8},
	  number    = {9},
	  year      = {2014},
	  pages     = {3149 - 3158},
	  ee        = {https://publications.waset.org/pdf/10003944},
	  url   	= {https://publications.waset.org/vol/93},
	  bibsource = {https://publications.waset.org/},
	  issn  	= {eISSN: 1307-6892},
	  publisher = {World Academy of Science, Engineering and Technology},
	  index 	= {Open Science Index 93, 2014},
	}