What is load forecasting?

Load forecasting is the process of predicting the future demand for electricity over a specific period. Utilities and energy companies use load forecasting to ensure that they can meet customer demand efficiently and reliably. Accurate load forecasts help with planning generation, purchasing energy, managing grid stability, and optimizing operational costs. Forecasts can be short-term (hours or days), medium-term (weeks or months), or long-term (years), and they are crucial for maintaining a stable and economical power supply.