The economics of wind power with energy storage

L.E. Benitez, P.C. Benitez, G.C. van Kooten

Research output: Contribution to journalArticleAcademicpeer-review

111 Citations (Scopus)

Abstract

One-step-ahead forecasts of quarterly crude oil, natural gas, electricity, and coal supplies are evaluated under two general approaches: accuracy-based measures and classification- or directional-based measures. Results suggest the U.S. Department of Energy (DOE) supply forecasts for U.S. domestic energy products are generally more accurate than a naïve alternative. There is only limited evidence of bias and inefficiency in the forecasts; although there is some evidence of error repetition. Directional forecasts for supply changes are statistically better than random, but they generally do not outperform a naïve forecast.
Original languageEnglish
Pages (from-to)1973-1989
JournalEnergy Economics
Volume30
Issue number4
DOIs
Publication statusPublished - 2008

Keywords

  • operation
  • market
  • plants

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    Benitez, L. E., Benitez, P. C., & van Kooten, G. C. (2008). The economics of wind power with energy storage. Energy Economics, 30(4), 1973-1989. https://doi.org/10.1016/j.eneco.2007.01.017