Load forecasting is a technique used by power companies to predict the power or energy needed to balance the supply and load demand at all times. A load model is a mathematical representation of the relation between the demand and supply of power to a system, specifically, power generating units like thermal or hydropower plant. Based on the forecasted load, the mechanism to generate power is adjusted. This way power plant conserves the fuel used in power generation and also minimize the cost of running the plant(i.e., operational cost). This edition of WENexus Letters is dedicated to 'load prediction models' which are extremely important for sustaining the profitability of any type of power plant. Content 1)Five Models Traditionally Used For Electrical Load Predictions 2)Which model to select if you can use only one? 3)Further Reading: Three best sources for learning about load forecasting methods 4)Recent Techniques in Load Prediction Models: Artificial Neural Networks 5)Call
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