Electrical Load Forecasting: A methodological overview

Abstract

Electric load forecasting process plays an extensive role in forecasting future electric load demand and peak load by understanding the previous data. Several researchers proved that, the presence of load forecasting error leads to an increase in operating costs. Thus Accurate electric load forecast is needed for power system security and reliability. It also improves energy efficiency, revenues for the electrical companies and reliable operation of a power system. In recent times, there are significant proliferations in the implementation of forecasting techniques. This survey aids readers to summarize and compare the latest predominant researches on electric load forecasting. Besides, it presents the most relevant studies on load forecasting over the last decade and discusses the different methods that are used in load prediction as well as the future directions in this field.