A Survey on Electric Power Demand Forecasting

Abstract

Recently there has been tremendous change in use of the forecasting techniques due to the increase in availability of the power generation systems and the consumption of the electricity by different utilities. In the field of power generation and consumption it is important to have the accurate forecasting model to avoid the different losses. With the current development in the era of smart grids, it integrates electric power generation, demand and the storage, which requires more accurate and precise demand and generation forecasting techniques. This paper relates the most relevant studies on electric power demand forecasting, and presents the different models. This paper proposes a novel approach using machine learning for electric power demand forecasting.