Since the inception of competitive power markets two decades ago, electricity price forecasting (EPF) has gradually become a fundamental process for energy companies' decision making mechanisms. Over the years, the bulk of research has concerned point predictions. However, the recent introduction of smart grids and renewable integration requirements has had the effect of increasing the uncertainty of future supply, demand and prices. Academics and practitioners alike have come to understand that probabilistic electricity price (and load) forecasting is now more important for energy systems planning and operations than ever before. With this paper we offer a tutorial review of probabilistic forecasting (and EPF in particular) and present much needed guidelines for the rigorous use of methods, measures and tests.  

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