The Art of Accurate Electricity Load Forecasting Services
Energy Load Forecasting is fundamental for the energy planning sector since a time-ahead power market requires demand-scheduling for power generation, transmission, distribution etc.
Forecasting can be performed with different methods; the selection of each method relies on several factors including the quality and the relevance of the available historical data. Also, the method used is strictly correlated with the forecast horizon and the level of accuracy of the historical data.
The time horizon is chosen based on the specific application in power system planning; i.e. the time horizon is specified according to each participant’s needs.
Distribution and transmission planning need a short-term horizon while financial or power supply planning require a more long-term horizon. Energy market participants, depending on the market structure they participate in, might require a very short time horizon and lastly, end consumers require a mid-term time-horizon. Based