Power companies rely on accurate electricity load forecasting to minimize financial risk and optimize operational efficiency and reliability.
Critical load forecasting tasks include:
- Automating data access from regional wholesale electricity markets
- Customizing models using nonlinear regression, nonparametric, and neural network techniques
- Calibrating models with historical predictors such as weather, seasonality, load, fuel price, and power price
- Deploying and integrating load forecasting algorithms into enterprise systems
For details on performing these tasks in a single modeling environment, see MATLAB®.