Evolution of Forecasting Techniques for Dynamic Energy Markets

Abstract

We are in a very dynamic period in our domestic and global energy markets. Market forces are at work in both the shale oil and gas revolution and the development of renewable energy, which are dramatically impacting the energy industry. Transformation of global energy markets highlights the importance of understanding various forecasting methods and technical methods to accurately forecast in such a dynamic market structure. This chapter provides a comprehensive review of the forecasting techniques for energy markets and illustrates them through a case study. This chapter can potentially be utilized by academics and industry practitioners for understanding the evolution of the energy market dynamics.