All over the world, electricity rates are varied in different rates and also varies within the country. Based on many factors electricity rates will differ. Government taxes, Power generation price, weather patterns, distribution infrastructure, transmission, and multinational industry regulation are the factors used. It also differs on basis of customers like commercial, residential, and industrial connections. Cost of finance, power plants, electricity grid, and the building reflects electricity rates and Electricity plans . The price of the electricity generates by a company or industrial consumer will predict the whole rates with reasonable accuracy. There are more complications in electricity generation and the cost differs every minute at the time of supply of electricity. Some companies will get profits from financial returns to all investors and owners. These companies will have political power with existing legal and the financial returns are guaranteed with the help of regulatory regimes and other sources competition gets reduced automatically. Power source also differs the cost of electricity. The unit cost of electricity from present value to the lifetime of the asset is called a Levelized cost of electricity. Different methods of generation are compared with the best value of the Levelized Cost of electricity consistently. Every source mix has substantial effects in a particular utility on electricity price. In a recent survey, solar photovoltaic technology has dropped more. Coal-fired power plant runs on high cost than new renewable energy in the United States. In 2030 all human beings will become uneconomic tells in recent research. In the previous year, most of the countries have a 42% loss in coal-fired power plants. Account factors don’t have a comparison that includes purchasing power, exchange rates, retail discounts, and government taxes are available in deregulated electricity markets. For example, Hawai residents have more electricity rates while compared to other states in the United States. On the other side, Louisiana residents have fewer electricity rates.
Forecasting is the simplest model and it is to ask every generation source to blocks of generation and willing to choose the cheapest bids. The price will increase when enough bids are not submitted. The price will become zero or negative when too many bids are submitted. Generation cost based on offers as well as transmission cost with some profits. The Independent system operators concept is competitive with wholesale markets. To determine the economic dispatch ISO is used to bid based market. Solar power and wind are not dispatchable. Such type of power will be sold normally before the bids. Each supply has predetermined rates. If the excess is found then it is sold to another grid operator that using pumped-storage hydroelectricity or in the worst case. Curtailment will impact more in solar power economic and also in the environment at a high penetration level. Bidding is helped to do the allocation. Smart grids in recent effects have increased the demand, supply, and price also. It also includes integrating distributed renewable generation. These will make more steps in research on the topic of forecasting. Most of the people take care of all things but all get failed by choosing the wrong electricity plans. So that electricity plans are very necessary to choose the appropriate plans accurately.