Effects of various factors on electric load forecasting: An overview

Accurate and efficient electrical load forecasting is a vital pre-requisite for power system planning and distribution as it can result in cost saving and better operating conditions. Object of this study focuses on the various factors affecting load forecasting. This paper attempts to consider the effects of these factors to highlight their role in operation and planning. A good understanding of the influence of the factors on the pattern of load forecasting helps to reduce the gap between demand and supply of electrical power leading to higher profit margin.