BAN430 · Mandatory assignment

⚡ Forecasting the electricity price

NO5 · Western Norway · daily mean price, NOK/kWh excluding VAT
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🎯Scored days known–
📡Tomorrow's prices in–
👥Groups in the race–

Scored days known

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Leader

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Beating the benchmarks

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October average

–NOK/kWh

Leaderboard · provisional, daily prices only

Group detail

Everyone against reality

Actual priceGroup forecasts (point forecasts, one line per group)Benchmarks

Day by day: CRPS per forecast day (darker is better)

Does later information help? Score by time of submission

Each line is a group; the large dot is the official (last) submission. Dashed lines: the benchmarks.

The October average: forecast and where it stands

Submitted point forecast and 90% intervalProjection now: the known days plus the group's own forecasts for the days to comeAverage so farBenchmark projection
The October average is scored on 31 October (absolute error of the point forecast, and CRPS). Until then this is a projection, not a score.

How the scoring works

Each group submitted a point forecast and 19 quantiles (5%, 10%, …, 95%) for the nine days 23–31 October and for the October average. Lower scores are better.

CRPS is the average over the 19 quantiles of the quantile score (the sum of the quantile scores divided by 20): it rewards forecasts that are both close to the outcome and honest about their uncertainty. RMSE is the root mean squared error of the point forecasts. Bias is the average forecast error (positive: the forecasts were too high). 90% hits is how many outcomes fell inside the group's 5%–95% interval (about 9 in 10 is the ideal).

The official rule is that the last submission before the deadline (22 October, 12:00) counts, and the winner is the group with the best combined rank in four categories: daily RMSE, daily CRPS, and the absolute error and CRPS of the October average. This page ranks on the first two while the month is running, using the days known so far. Best submission of each group picks, in hindsight, the submission with the lowest CRPS so far. It is for fun and learning (it shows what the earlier forecasts were worth), and it is not the competition result.

The benchmarks (naive, seasonal naive and 7-day mean) are made on the deadline day with the same data, so you can see who beat them.

Latest price

–NOK/kWh

October average so far

–NOK/kWh

Projected October average

–NOK/kWh

Lowest / highest so far

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Daily price and benchmark forecast

Before the release After the release Forecast: 50% and 90% intervals Forecast median Average so far Projected average

Where will the October average end up?

October, day by day

MonTueWedThuFriSatSun
known pricenot yet known (median forecast)scored in the competition

Forecast replay · each group's final model, re-run every day of October

Move the slider to travel through October. At each date, every group's final model (as described in its report) is refitted on the prices known that day and used to simulate the rest of the month. Watch the forecasts react to new prices, and the uncertainty about the October average shrink as the month fills up.
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Daily prices: what is known and what is forecast

The October average: forecast of each group

Median, 50% and 90% interval◆ Official submission (22 Oct)Final average

The October average over time: median forecast

How sure are they? Width of the 90% interval

The groups at this date

About the replay

The models are re-implemented from the groups' reports (the final model they chose: transformation, regressors, ARIMA/ETS family, length of the training window and the bootstrap simulation of the paths). Run on the prices the group had at the deadline, fifteen of the eighteen groups reproduce their submitted forecast to about two decimals (four of them had prices only to 21 October). The three groups that use weather forecasts have the weather rebuilt from archived Open-Meteo forecasts, so those are approximate: two come close to the submission, one (Gruppe 10) less so.

For a date d the model is fitted on prices up to and including d (a price is public the afternoon before), the remaining days are simulated with resampled residuals (1,000 paths), and the October average of each path is the average of the known days and the simulated days. The grey benchmark is the seasonal naive method. The submitted forecasts that count in the competition are on the Scoreboard tab; this tab shows how the same models would have behaved on every other day.