Award for the best International Journal of Forecasting paper on energy forecasting for Rafał Weron

During the closing ceremony of the ISF2017 Symposium in Cairns, professor Rob Hyndman presented the IIF Tao Hong Award for the best paper on energy forecasting published in the International Journal of Forecasting in the years 2013-2014:

R. Weron (2014) Electricity price forecasting: A review of the state-of-the-art with a look into the future, International Journal of Forecasting 30(4), 1030-1081 (doi: 10.1016/j.ijforecast.2014.08.008).

Rob Hyndman [Hyndsight 9.07.2017]: Weron’s article is encyclopaedic. It covers the entirety of electricity price forecasting and systematizes a wide field of very disparate models, from statistical models across machine learning to agent models. However, the paper is not only a review; it also presents much needed guidelines for the rigorous use of methods, measures and tests, and it looks ahead and speculates on the directions electricity price forecasting will take in the next decade or so. The paper also has applications beyond electricity price forecasting, and is of particular interest to people in electric load forecasting and call centre forecasting.

The article’s significance for the energy forecasting community is reflected in various rankings. In particular, it is the top downloaded open access article on Science Direct published since January 2014 in Decision Sciences journals and, despite its recent publication date, the second most cited article published in the International Journal of Forecasting since 2011. This paper alone is responsible for 0.7 of the current two-year impact factor of 2.642 for the International Journal of Forecasting.