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Although "load" is an ambiguous term, in load forecasting the "load" usually means demand (in kW) or energy (in kWh) and since the magnitude of power and energy is the same for hourly data, usually no distinction is made between demand and energy. [16] Load forecasting involves the accurate prediction of both the magnitudes and geographical ...
Electricity price forecasting (EPF) is a branch of energy forecasting which focuses on using mathematical, statistical and machine learning models to predict electricity prices in the future. Over the last 30 years electricity price forecasts have become a fundamental input to energy companies’ decision-making mechanisms at the corporate level.
Prospective Outlook on Long-term Energy Systems (POLES) is a world simulation model for the energy sector that runs on the Vensim software.It is a techno-economic model with endogenous projection of energy prices, a complete accounting of energy demand and supply of numerous energy vectors and associated technologies, and a carbon dioxide and other greenhouse gases emissions module.
Utilities are starting to deploy the technology everywhere, from power forecasting to planning and operations, helping to bring power supply to demand more efficiently than ever.
Integrated resource planning (IRP, also least-cost utility planning, LCUP) is a form of least-cost planning used by the public utilities. The goal is to meet the expected long-term growth of demand with minimal cost, using a wide selection of means, from supply-side (increasing production and/or purchasing the supply) to demand-side (reducing the consumption). [1]
Electricity price forecasting (EPF) is a branch of energy forecasting which focuses on using mathematical, statistical and machine learning models to predict electricity prices in the future. Over the last 30 years electricity price forecasts have become a fundamental input to energy companies’ decision-making mechanisms at the corporate level.
The annual World Energy Outlook (WEO) is the International Energy Agency's (IEA) flagship publication on global energy projections and analysis. [1] It contains medium to long-term energy market projections, extensive statistics, analysis and advice for both governments and the energy business regarding energy security, environmental protection and economic development.
DLF helps an electric utility to make important decisions including decisions on purchasing electric power, load switching, as well as infrastructure development. Load forecasting is classified in terms of different planning durations: short-term load forecasting or STLF (up to 1 day, medium-term load forecasting or MTLF (1 day to 1 year), and ...