Electric Load Forecasting: Fundamentals and Best Practices
This course introduces electric load forecasting from both statistical and practical aspects using language and examples from the power industry. Through conceptual and hands-on exercises, participants experience load forecasting for a variety of horizons from a few hours ahead to 30 years ahead. The overall aims are to prepare and sharpen the statistical and analytical skills of participants in dealing with real-world load forecasting problems and improve their ability to design, develop, document, and report sound and defensible load forecasts.
According to statistics gathered on the first five offerings, this course was highly rated by students who ranged from new graduates with no industry or SAS experience to forecasting experts with over 30 years of industry experience and over 20 years of SAS programming background. The students represented all sectors of the industry: G&T, ISO, distribution companies, REPs, IOU, co-op, municipal, regulatory commission, and consulting firm. Titles of the participants ranged from analyst, engineer, manager, to director and vice president.
Learn how to:
- classify load forecasts
- use basic graphic methods to discover the salient features of load profiles
- build a benchmark model for a wide range of utilities
- capture special effects for a local utility
- forecast loads for both small and large utilities
- improve very short-term forecasting accuracy
- perform weather normalization
- use macroeconomic indicators for long-term load forecasts
- detect outliers
- continue improving forecasting practice
- avoid making frequently made mistakes.
Who should attend
Load/price forecasters, energy traders, quantitative/business analysts in the utility industry, power system planners, power system operators, load research analysts, and rate design analysts.