Document Type

Closed Project

Publication Date

Spring 2017


Sule Balkan & Tim Anderson

Course Title

Energy Demand Forecasting

Course Number

ETM 510


Over the time, the electricity industry has become the most important factor impacting the development of socioeconomic status worldwide. Accurate demand forecasting decreases the operating cost of utility companies, especially in a market environment [1]. Electricity demand forecasting is a useful policy tool for decisionmakers; thus, it is valuable in allowing both power generators and consumers to make their plans. Accurate forecasting of electricity demand is not only valuable for power generators, allowing them to schedule operation of their power stations to match generation capacity with demand, but is also a fundamental piece of information used for trading in the energy market [2]. Consequently, electricity systems can be optimized by developing a scheduling algorithm for electricity demand. Because energy demand has increased in the last decade in several (not all) energy sectors worldwide, we must pay more attention to improvement of electricity demand forecasting.


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