Wind power is an increasingly used form of renewable energy. The uncertainty in wind generation is very large due to the inherent variability in wind speed, and this needs to be understood by operators of power systems and wind farms. To assist with the management of this risk, this paper...

Site-specific probability density rainfall forecasts are needed to price insurance premiums, contracts, and other financial products based on precipitation. The spatiotemporal correlations in U.K. daily rainfall amounts over the Thames Valley are investigated and statistical Markov chain...

This paper uses intraday electricity demand data from 10 European countries as the basis of an empirical comparison of univariate methods for prediction up to a day-ahead. A notable feature of the time series is the presence of both an intraweek and an intraday seasonal cycle. The forecasting...

This empirical paper compares the accuracy of six univariate methods for short-term electricity demand forecasting for lead times up to a day ahead. The very short lead times are of particular interest as univariate methods are often replaced by multivariate methods for prediction beyond about...

In areas from medicine to climate change to economics, we are faced with huge challenges and a need for accurate forecasts, yet our ability to predict the future has been found wanting. The basic problem is that complex systems such as the atmosphere or the economy cannot be reduced to simple...

Numerous time series models are available for forecasting economic output. Autoregressive models were initially applied to US gross national product (GNP), and have been extended to complicated nonlinear structures, such as the self-exciting threshold autoregressive (SETAR) and Markov-switching...