1.4 Classification of load forecasts

Load forecasts are now being used throughout the electric power industry. The business needs of electric load forecasting include, but are not limited to, planning, operations, and energy market activities. There is not a single forecast that can fit all business needs. It is not efficient to produce a different forecast for every business need either. A natural thought is to classify the forecasts and business needs so that each forecasting approach can be applicable to a group of business needs. This section discusses various load forecasting approaches in the context of business needs.

1.4.1 Short-term vs. long-term load forecasting

1.4.2 High voltage level vs. hierarchical load forecasting

1.4.3 Point vs. probabilistic load forecasting