<abstract xmlns="http://www.w3.org/1999/xhtml"><p>Electric load forecasting (ELF) is a vital process in the planning of the electricity industry and plays a crucial role in electric capacity scheduling and power systems management and, therefore, it has attracted increasing academic interest. Hence, the accuracy of electric load forecasting has great importance for energy generating capacity scheduling and power system management. This paper presents a review of forecasting methods and models for electricity load. About 45 academic papers have been used for the comparison based on specified criteria such as time frame, inputs, outputs, the scale of the project, and value. The review reveals that despite the relative simplicity of all reviewed models, the regression analysis is still widely used and efficient for long-term forecasting. As for short-term predictions, machine learning or artificial intelligence-based models such as Artificial Neural Networks (ANN), Support Vector Machines (SVM), and Fuzzy logic are favored.</p></abstract>

Electric load forecasting (ELF) is a vital process in the planning of the electricity industry and plays a crucial role in electric capacity scheduling and power systems management and, therefore, it has attracted increasing academic interest. Hence, the accuracy of electric load forecasting has great importance for energy generating capacity scheduling and power system management. This paper presents a review of forecasting methods and models for electricity load. About 45 academic papers have been used for the comparison based on specified criteria such as time frame, inputs, outputs, the scale of the project, and value. The review reveals that despite the relative simplicity of all reviewed models, the regression analysis is still widely used and efficient for long-term forecasting. As for short-term predictions, machine learning or artificial intelligence-based models such as Artificial Neural Networks (ANN), Support Vector Machines (SVM), and Fuzzy logic are favored.

Methods and Models for Electric Load Forecasting: A Comprehensive Review

Logistics, Supply Chain, Sustainability and Global Challenges

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

{"article-title":"Methods and Models for Electric Load Forecasting: A Comprehensive Review"}

Electric load forecasting (ELF) is a vital process in the planning of the electricity industry and plays a crucial role in electric capacity scheduling and...

Methods and Models for Electric Load Forecasting: A Comprehensive Review

Published Online: Feb 20, 2020

Page range: 51 - 76

Received: Dec 23, 2019

DOI: https://doi.org/10.2478/jlst-2020-0004

Keywords
Electric load forecasting, Modeling electricity loads, Methods and models of forecasting

© 2020 Mahmoud A. Hammad et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Methods and Models for Electric Load Forecasting: A Comprehensive Review

Published Online: Feb 20, 2020

Page range: 51 - 76

Received: Dec 23, 2019

DOI: https://doi.org/10.2478/jlst-2020-0004

KeywordsElectric load forecasting, Modeling electricity loads, Methods and models of forecasting

© 2020 Mahmoud A. Hammad et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
Electric load forecasting, Modeling electricity loads, Methods and models of forecasting