IoT-Enabled Smart Metering to Enhance Energy Management for Day-Ahead Electricity Price Forecasting

In the realm of electricity generation, the output of generating units fluctuates throughout the day mirroring the dynamic nature of energy demand. While alterations on the generation side are limited post-installation, areas for intervention exist on the demand side to stabilize the demand curve. This research explores the fusion of day-ahead pricing models with demand forecasting mechanism employing smart meter technology in the electricity market. The investigation dives into the advantages of furnishing consumers with pricing information a day in advance and empowering to make informed decisions regarding their electricity consumption. Utilizing smart meters, which provide real-time consumption data, the study aims to refine the precision of demand forecasting. The outcome of the study allows consumers to optimize their electricity usage patterns in response to anticipated price fluctuations. The research thoroughly examines methodologies and technologies underpinning day-ahead pricing and demand forecasting, assessing their combined impact on consumer behavior and grid efficiency. Through a comprehensive analysis, this research contributes to understanding how the integration of day-ahead pricing and smart meter data can cultivate a more responsive and efficient electricity market, yielding benefits for both consumers and utilities.